scholarly journals Are consumer confidence and asset value expectations positively associated with length of daylight?: An exploration of psychological mediators between length of daylight and seasonal asset price transitions

PLoS ONE ◽  
2021 ◽  
Vol 16 (1) ◽  
pp. e0245520
Author(s):  
Yoichi Sekizawa ◽  
Yoko Konishi
Keyword(s):  
Stock Price ◽  
Seasonal Cycle ◽  
Fixed Effects ◽  
Seasonal Affective Disorder ◽  
Unobserved Heterogeneity ◽  
Asset Price ◽  
Household Survey ◽  
Early Summer ◽  
Consumer Confidence ◽  
Asset Value

Many economists claim that asset price transitions, particularly stock price transitions, have a seasonal cycle affected by length of daylight. Although they claim that the seasonal affective disorder (SAD) is a mediator between the length of daylight and asset price transitions, recent studies in psychology have been inconclusive about the existence of SAD, and some economics studies disagree regarding the involvement of SAD in seasonal stock price transitions. The purpose of the present study is to examine if there is any psychological mediator linking length of daylight and seasonal asset price transitions as an alternative or supplement to SAD. As a possible mediator, we examined Japan’s consumer confidence index (CCI) and asset value expectations (AVE), which indicate people’s optimism for future economy and are generated from a monthly household survey by the Japanese government. We analyzed individual longitudinal data from this survey between 2004 and 2018 and estimated four fixed-effects regression models to control for time-invariant unobserved heterogeneity across individual households. The results revealed that, (i) there was a seasonal cycle of CCI and AVE; the trough occurred in December and the peak in early summer; (ii) the length of daylight time was positively associated with CCI and AVE; and (iii) the higher the latitude, the larger the seasonal cycle of CCI and AVE became. These findings suggest that the length of the daylight may affect asset price transitions through the cycle of optimism/pessimism for future economy exemplified by the CCI and AVE.

scholarly journals Are the Self-Employed Mentally Healthier Than Salaried Workers? Evidence From Korea, Mexico, and the United States

2020 ◽  
Vol 4 (Supplement_1) ◽  
pp. 40-41
Author(s):  
Hankyung Jun
Keyword(s):  
Fixed Effects ◽  
Mental Health Problems ◽  
Unobserved Heterogeneity ◽  
The United States ◽  
Fixed Effects Model ◽  
Reverse Causality ◽  
Positive Health ◽  
Self Employment ◽  
Salaried Workers ◽  
The U.S

Abstract Self-employed workers are often reported to have better health than salaried workers. Whether this is because self-employment has health benefits or healthier workers are self-employed is not clear. Self-employed workers may have higher job satisfaction due to higher levels of self-efficacy and autonomy, but may also experience higher job stress, uncertainty, and lack of health insurance leading to mental health problems. Self-employed workers in the U.S. may have different characteristics than those in Mexico and Korea given different working and living environments as well as different institutional arrangements. This study will examine the association between self-employment and mental and cognitive health for older adults in the U.S., Mexico, and South Korea. It uses harmonized panel data from the Health and Retirement Study, the Korean Longitudinal Study of Aging, and the Mexican Health and Aging Study. We compare the health and selection effect of self-employment using a pooled logistic model, fixed-effects model, and a bivariate probit model. In addition to comparing self-employed and salaried workers, we analyze differences between self-employed with and without employees. By using rich data and various models, we address reverse causality and estimate the relationship between self-employment and health. We show that the positive health effects of self-employed workers in the U.S. disappear once controlled for unobserved heterogeneity, indicating the possibility of healthier workers selecting into self-employment. Interestingly, for Korea and Mexico, healthier individuals seem to select into wage work which reflects the difference in working conditions across countries. Further analysis will show effects by business size.

Caste Development and Its Seasonal Cycle in the Australian Harvester Termite, Drepanotermes Perniger (Froggatt) (Isoptera; Termitinae).

1974 ◽  
Vol 22 (4) ◽  
pp. 471 ◽  
Author(s):  
JAL Watson
Keyword(s):  
Seasonal Cycle ◽  
Early Summer ◽  
Fourth Instar ◽  
Northern Australia ◽  
The South ◽  
Worker Characteristics ◽  
Caste Development ◽  
Single Worker

The development of Drepanotermes perniger (Frogg.) in Australia is simple, with non-reproductive and reproductive lines separating at the first moult, a single worker line, a monomorphic soldier caste derived from two or three worker stages, and brachypterous neotenics formed by the premature metamorphosis of fifth-instar reproductive nymphs. Intercastes are known between soldier and fifth-instar reproductive nymph; presoldier and neotenic; and third-instar worker and fourth-instar reproductive nymph. All have substantially nymphal thoraces and abdomens, with minor intercaste modifications, and heads that are variously modified from nymphal towards soldier, presoldier or worker characteristics. The development of the castes shows a marked seasonal cycle, and only workers, soldiers and fourth-instar reproductive nymphs occur during the winter. Oviposition begins after the resumption of foraging in spring, and in the south growth and differentiation continue through much of the summer. Fourth-instar nymphs break diapause synchronously in early summer, and the alates fly with rains in January or February. In northern Australia there is a break in oviposition during summer, and the reproductive nymphs develop from eggs laid in autumn, after the alates have flown.

Does the second wave of COVID-19 undermine corporate immunity? International evidence

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Huy Viet Hoang ◽  
Cuong Nguyen ◽  
Khanh Hoang
Keyword(s):  
Stock Returns ◽  
Stock Price ◽  
Fixed Effects ◽  
Management Strategies ◽  
The United States ◽  
Least Square ◽  
Content Type ◽  
The Impact ◽  
Second Wave ◽  
Practical Implications

PurposeThis study compares the impact of the COVID-19 pandemic on stock returns in the first two waves of infection across selected markets, given built-in corporate immunity before the global outbreak.Design/methodology/approachThe data are collected from listed firms in five markets that have experienced the second wave of COVID-19 contagion, namely the United States (US), Australia, China, Hong Kong and South Korea. The period of investigation in this study ranges from January 24 to August 28, 2020 to cover the first two COVID-19 waves in selected markets. The study estimates the research model by employing the ordinary least square method with fixed effects to control for the heterogeneity that may confound the empirical outcomes.FindingsThe analysis reveals that firms with larger size and more cash reserves before the COVID-19 outbreak have better stock performance under the first wave; however, these advantages impede stock resilience during the second wave. Corporate governance practices significantly influence stock returns only in the first wave as their effects fade when the second wave emerges. The results also suggest that in economies with greater power distance, although stock price depreciation was milder in the first wave, it is more intense when new cases again surge after the first wave was contained.Practical implicationsThis paper provides practical implications for corporate managers, policymakers and governments concerning crisis management strategies for COVID-19 and future pandemics.Originality/valueThis study is the first to evaluate built-in corporate immunity before the COVID-19 shock under successive contagious waves. Besides, this study accentuates the importance of cultural understanding in weathering the ongoing pandemic across different markets.

CEO vs. COO: shareholder perceptions of M&A announcements based on insider trades

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Vinh Huy Nguyen ◽  
Carolina Gomez ◽  
Suchi Mishra ◽  
Ali M. Parhizgari
Keyword(s):  
Stock Price ◽  
Fixed Effects ◽  
Economic Recession ◽  
Chief Executive ◽  
Positive Influence ◽  
Past Performance ◽  
Industry Growth ◽  
Content Type ◽  
Chief Operating Officer ◽  
Regression Tests

PurposeWe examine how the net share purchases of top executives of acquiring firms, specifically the Chief Executive Officer (CEO) and the Chief Operating Officer (COO), can impact shareholder perceptions of a merger and acquisition (M&A) around the announcement time.Design/methodology/approachRegression tests using the post-announcement cumulative returns as the dependent variables, and CEO and COO net purchases as independent test controlling for the net purchases of all other insiders, COO and CEO ownership, exercised options, unexercised exercisable options, merger type, pre-announcement firm size, past performance, industry growth, industry instability, year and industry fixed effects. The regression tests are used for various sub-samples (i.e. non-contemporaneous events, duality, operational complexity, economic conditions).FindingsWe find that overall shareholders value the COO's net purchases before the announcement but not those of the CEOs. If the COO is also the CEO, then executive buy-ins appear to have a negative reaction from the shareholders. When the firm has many business segments or when the announcement is made in an economic recession, the COO's net purchases do not have a positive influence on the shareholders.Originality/valueWe are the first to provide evidence that investors pay attention to the COO around M&A announcements. In the age of celebrity CEOs, who can instantaneously change the stock price with one press release, having another executive that can shape the opinion of investors can diversify the agency risk.

scholarly journals Nonstationarity in Southern Hemisphere Climate Variability Associated with the Seasonal Breakdown of the Stratospheric Polar Vortex

2017 ◽  
Vol 30 (18) ◽  
pp. 7125-7139 ◽  
Author(s):  
Nicholas J. Byrne ◽  
Theodore G. Shepherd ◽  
Tim Woollings ◽  
R. Alan Plumb
Keyword(s):  
Climate Variability ◽  
Southern Hemisphere ◽  
Seasonal Cycle ◽  
Vortex Breakdown ◽  
Polar Vortex ◽  
Reanalysis Data ◽  
Early Summer ◽  
Stratospheric Polar Vortex ◽  
Time Symmetry

Abstract Statistical models of climate generally regard climate variability as anomalies about a climatological seasonal cycle, which are treated as a stationary stochastic process plus a long-term seasonally dependent trend. However, the climate system has deterministic aspects apart from the climatological seasonal cycle and long-term trends, and the assumption of stationary statistics is only an approximation. The variability of the Southern Hemisphere zonal-mean circulation in the period encompassing late spring and summer is an important climate phenomenon and has been the subject of numerous studies. It is shown here, using reanalysis data, that this variability is rendered highly nonstationary by the organizing influence of the seasonal breakdown of the stratospheric polar vortex, which breaks time symmetry. It is argued that the zonal-mean tropospheric circulation variability during this period is best viewed as interannual variability in the transition between the springtime and summertime regimes induced by variability in the vortex breakdown. In particular, the apparent long-term poleward jet shift during the early-summer season can be more simply understood as a delay in the equatorward shift associated with this regime transition. The implications of such a perspective for various open questions are discussed.

scholarly journals Valuación de empresas de Telecomunicaciones con parámetros operativos

2017 ◽  
Vol 5 (9) ◽  
Author(s):  
J. Saldaña ◽  
M. Palomo ◽  
M. Blanco
Keyword(s):  
Stock Market ◽  
Stock Price ◽  
Asset Price ◽  
Capital Asset Price Model ◽  
Telecommunication Sector ◽  
Market Strategy ◽  
Stock Value ◽  
Telecommunication Companies ◽  
Strategy Acquisition ◽  
Para Determinar

Key words: Capita asset price, financial expectations, operative factorsAbstract. The value of telecommunication companies measured in terms of their stock value, may be explained not only by their historical financial results and their financial expectations, but also by the evaluation of other operative factors such as: technological change, organizational change, market strategy, acquisition cost, customers portfolio, fusions and institutional changes (regulations). Due to the importance of the telecommunication sector inthe stock market, as well as in the national economy, an analysis which improves its knowledge and allows a better valuation of these companies is required. Models for asset pricing CAPM (Capital Asset Price Model) and APT (Arbitrage Price Theory) have been developed and proved outside national context, besides, according to theory; their effectiveness for determining stock price depends on the stock market efficiencyPalabras Clave: Expectativas financieras, factores operativos, fijación de precios de capitalResumen. El valor de empresas de telecomunicaciones medidos en términos del valor de sus acciones, no solo se explica por la valuación de sus resultados financieros históricos y sus expectativas financieras si no también por la valuación de otros factores operativos tales como cambio tecnológico, cambio organizacional, estrategia de mercado, costo de adquisición, valor de la cartera de clientes, fusiones, y cambios institucionales (regulaciones).Por la importancia que presenta el sector de telecomunicaciones en el mercado de valores y en la economía nacional, se requiere de un análisis que permita su mejor conocimiento y control del valor. Los modelos desarrollados para la fijación de precios de activos; CAPM (Modelo de Fijación de Precios de Capital) y APT (Teoría de Fijación de  Precios de Arbitraje) han sido generalmente probados y desarrollados fuera del contexto nacional y su nivel de efectividad para determinar el precio de una acción y que de acuerdo a la teoría depende fundamentalmente del nivel de eficiencia del mercado de capitales.

scholarly journals PENGUKURAN KINERJA REKSA DANA PADA REKSA DANA SYARIAH DAN REKSA DANA KONVENSIONAL DI INDONESIA PERIODE 2008 – 2018

2020 ◽  
Vol 6 (9) ◽  
pp. 1851
Author(s):  
Zulfiyah Azmi ◽  
Bayu Arie Fianto
Keyword(s):  
Panel Data ◽  
Mutual Funds ◽  
Stock Price ◽  
Price Index ◽  
Sharpe Ratio ◽  
Ratio Method ◽  
Significant Difference ◽  
Asset Value ◽  
Net Asset Value ◽  
The Difference

This research measured and compared the performance between Islamic mutual funds and conventional mutual funds using Sharpe Ratio, Treynor Index, Jensen Alpha, Modigliani Measure, Appraisal Ratio, and Adjusted Sharpe Ratio. This research used quantitative approach with panel data that was measured by using different test and it aimed to find out the comparation of the samples. This research used Net Asset Value (NAV), Joint Stock Price Index, BI Rate to find out return and risk that will be implemented on the measured methods. The results of the research based on T-test are that there is no significant difference of performance between Islamic mutual funds and conventional mutual funds, except the Appraisal Ratio method that shows the difference on Islamic mutual funds that has a better performance.Keywords: Sharpe Ratio, Treynor Index, Jensen Alpha, Modigliani Measure, Appraisal Ratio, Adjusted Sharpe Ratio

scholarly journals Estimating the Effects of Individual Nurses on ICU Outcomes

2020 ◽  
Author(s):  
Stephen E. Brossette ◽  
Ning Zheng ◽  
Daisy Y. Wong ◽  
Patrick A. Hymel
Keyword(s):  
Fixed Effects ◽  
Unobserved Heterogeneity ◽  
Probability Model ◽  
Kidney Injury ◽  
Fine Grained ◽  
High Side ◽  
Work Shifts ◽  
Near Term ◽  
Linear Probability ◽  
Mimic Iii

AbstractA better understanding of the effects of nursing on clinical outcomes could be used to improve the safety, efficacy, and efficiency of inpatient care. However, measuring the performance of individual nurses is complicated by the non-random assignment of nurses to patients, a process that is confounded by unobserved patient, management, workforce, and institutional factors. Using the MIMIC-III ICU database, we estimate the effects of individual registered nurses (RNs) on the probability of acute kidney injury (AKI) in the ICU. We control for significant unobserved heterogeneity by exploiting panel data with 12-hour fixed effects, and use a linear probability model to estimate the near-term marginal effects of individual RN assignments. Among 270 ICU RNs, we find 15 excess high-side outliers, and 4 excess low-side outliers. We estimate that in one twelve-hour work shift, each high-side RN outlier increases the probability of AKI by about 4 percentage points, and in 25 work shifts, causes about one additional AKI. Conversely, each low-side outlier prevents about one AKI in 50 work shifts. Given the fine-grained nature of the fixed effects employed, we believe that the estimated individual nursing effects are approximately causal. We discuss our contribution to the literature and identify potential use cases for clinical deployment.

scholarly journals Analisis Pengaruh Variabel Makro Ekonomi terhadap Nilai Aktiva Bersih Reksadana Saham Syariah Periode 2015-2019

2021 ◽  
Vol 1 (2) ◽  
pp. 332-348
Author(s):  
Hani Nurrahmawati ◽  
Hasbi Assidiki Mauluddi ◽  
Endang Hatma Juniwati
Keyword(s):  
Exchange Rate ◽  
Mutual Funds ◽  
Stock Price ◽  
Price Index ◽  
Coefficient Of Determination ◽  
Series Data ◽  
Asset Value ◽  
Net Asset Value ◽  
Net Assets ◽  
Stock Price Index

The title of this research is Analysis Influence of Macroeconomic to Net Asset Value of Islamic Mutual Fund Equity period 2015-2019. The purpose of this study is to determine the effect of partially and simultaneously variables of BI Rate, Inflation, Composite Stock Price Index and Exchange Rate on Net Asset Value of Sharia Mutual Funds in Indonesia in the period January 2015 - December 2019. The dependent variable is Net Asset Value of Sharia Mutual Funds, while the independent variables are BI Rate, Inflation, Composite Stock Price Index and Exchange Rate.Types of data used in this study are secondary data sourced from OJK, IHSG-IDX and BI published between 2015-2019. All of the data will be processed panel data which is a combination of time series data and cross section data. The results of this research showed that in the partial just variables of the BI Rate, Inflation, Composite Stock Price Index and Exchange Rate influenced to Net Assets Value of Islamic Mutual Funds in Indonesia, and simultaneous from variables of the BI Rate, Inflation, Composite Stock Price Index and Exchange Rate influenced to Net Assets Value of Islamic Mutual Funds in Indonesia and the value of Adjusted R-square coefficient of determination is 0.311175 means in togetherness variables of the BI Rate, Inflation, Composite Stock Price Index and Exchange Rate have a contribution influenced NAV of Islamic Mutual Funds in the amount of 31%, while the rest is 69% influenced by other variables that are not included into this research.

Sign in / Sign up

Export Citation Format

Share Document