scholarly journals In search for the determinants of share repurchases policies in the Italian equity capital market: An event study

2011 ◽  
Vol 7 (1) ◽  
pp. 33-47
Author(s):  
Vincenzo Capizzi ◽  
Renato Giovannini
Keyword(s):  
Capital Market ◽  
Listed Companies ◽  
Equity Capital ◽  
Share Repurchases ◽  
Clear Understanding ◽  
Limited Information ◽  
Financial Decisions ◽  
Remuneration Policy ◽  
Before And After ◽  
The Empirical Analysis

In the last decade the number of buyback transactions involving listed companies in the Italian equity capital market has experienced a huge growth. However, no clear understanding of this phenomenon has yet been reached, also because of the limited information available on such financial decisions. The purpose of this paper is to check the main hypotheses behind the determinants of share repurchases, analysing the effect of own share buyback announcements specifically on the performance of the listed companies before and after the discontinuity introduced in Italy through the Reform of the financial markets. The first major outcome coming from the empirical analysis deals with the strong incentive played by the reform mentioned above, which introduced stricter corporate governance criteria, leading to a sharp increase in the volume and frequency of share buyback announcements, as well as in the number of companies getting access to this instrument. Secondly, the analysis strongly supports the replacement hypothesis theory, which states that buybacks have become a better substitute for dividends as a remuneration policy for shareholders.

scholarly journals Risk reporting during a crisis: evidence from the Egyptian capital market

2016 ◽  
Vol 17 (4) ◽  
pp. 378-396 ◽  
Author(s):  
Mahmoud Marzouk
Keyword(s):  
Capital Market ◽  
Listed Companies ◽  
Risk Information ◽  
Annual Reports ◽  
Political Crisis ◽  
Risk Disclosure ◽  
Content Type ◽  
Industry Type ◽  
Before And After ◽  
Risk Disclosures

Purpose The purpose of this paper is to examine corporate risk disclosure (CRD) practices and determinants in the annual reports of Egyptian listed companies during the 2011 political crisis (uprising) in Egypt. Design/methodology/approach Content analysis of the annual reports of a sample of non-financial listed companies representing different industry sectors was conducted to investigate attributes and factors underlying their risk disclosures. Findings The findings demonstrate that companies disclosed more monetary, future and good risk information. The results show a positive and significant relationship between company size and the level of CRD, a positive but insignificant relationship between the extent of CRD and some company-specific characteristics: industry type, profitability and cross-listing, and a negative and insignificant relationship between corporate reserves and the level of CRD. Research limitations/implications A larger sample size would be needed for greater generalization of the findings. This study extends the literature on CRD by examining CRD practices at a time of current and ongoing crisis. However, more research is needed to examine variations in CRD practices before and after the 2011 political crisis. Practical implications The results could be used by information users, companies and the capital market authority to inform policy-making and tighten regulations to improve CRD. Recommendations are made for improving the quality and informativeness of risk information. Originality/value It is important to investigate CRD practices, considering the dearth of research, particularly in emerging capital markets and during crises, when companies are exposed to more, especially uncontrollable, risks. This study fills a void in literature by examining CRD practices during the 2011 political crisis in Egypt.

Gestión de los intangibles del capital humano. Política de retribuciones y sus efectos. El caso de los grupos de empresa cotizados españoles

Oikos ◽  
2015 ◽  
Vol 14 (30) ◽  
pp. 49
Author(s):  
Esteban Pérez Calderón ◽  
Patricia Milanés Montero ◽  
Herenia Gutiérrez Ponce
Keyword(s):  
Human Capital ◽  
Stock Market ◽  
Capital Market ◽  
Return On Investment ◽  
Employee Productivity ◽  
Human Capital Management ◽  
Remuneration Policy ◽  
The One ◽  
Capital Humano ◽  
Los Grupos

RESUMENEn los últimos años, las empresas han venido realizando grandes inversiones en generosos mecanismos de retribución y compensación a sus empleados con la esperanza de alcanzar un doble objetivo. Por un lado, que estas actuaciones sean reconocidas por el mercado de valores y, por otro, esperando un mayor retorno de la inversión realizada en su personal. En el presente trabajo comprobamos cómo están repercutiendo estas inversiones sobre la productividad de los empleados (resultados económicos) y si son premiadas por el mercado de capitales (resultados financieros). Nuestro estudio se centra en los grupos de empresa cotizados españoles.Palabras clave: gestión, intangibles, capital humano, política retributiva. Intangibles of human capital management. Remuneration policy and its effects. The case of the spanish groups listed companies.ABSTRACTIn recent years, companies have been investing heavily in generous remuneration and compensation models for its employees hope to achieve two objectives. On the one hand, that these actions are recognized by the stock market and, second, expecting a greater return on investment in their human capital. In this paper we focus on to see how these investments are having an impact on employee productivity (economic results) and if they are rewarded by the capital market (financial results). Our study focuses on Spanish groups listed companies.Keywords: management, intangibles, human capital, remuneration policy.

scholarly journals Reliability of Financial Information from the Perspective of Benford’s Law

Entropy ◽  
2021 ◽  
Vol 23 (5) ◽  
pp. 557
Author(s):  
Ionel Jianu ◽  
Iulia Jianu
Keyword(s):  
Financial Reporting ◽  
Capital Market ◽  
Financial Statements ◽  
Financial Information ◽  
Benford’S Law ◽  
Professional Judgment ◽  
Reporting Standards ◽  
Financial Reporting Standards ◽  
Benford's Law ◽  
Before And After

This study investigates the conformity to Benford’s Law of the information disclosed in financial statements. Using the first digit test of Benford’s Law, the study analyses the reliability of financial information provided by listed companies on an emerging capital market before and after the implementation of International Financial Reporting Standards (IFRS). The results of the study confirm the increase of reliability on the information disclosed in the financial statements after IFRS implementation. The study contributes to the existing literature by bringing new insights into the types of financial information that do not comply with Benford’s Law such as the amounts determined by estimates or by applying professional judgment.

scholarly journals Connectivity and growth: Financial centres in investment banking networks

2021 ◽  
pp. 0308518X2110263
Author(s):  
Vladimír Pažitka ◽  
Michael Urban ◽  
Dariusz Wójcik
Keyword(s):  
Capital Market ◽  
Financial Services ◽  
Network Connectivity ◽  
Positive Association ◽  
Equity Capital ◽  
Regression Equations ◽  
Network Ties ◽  
Urban Network ◽  
Financial Centre ◽  
Endogenous Regressors

We investigate the effect of urban network connectivity on the growth of financial centres. While existing research recognises the importance of network connectivity to firms, clusters as well as city regions, large-sample empirical evidence is currently scarce, particularly in the context of financial services. We contribute to this debate by studying underwriting of equity and debt securities, which represent some of the core activities of financial centres. We operationalise our analysis using a proprietary dataset collated from Dealogic Equity Capital Market and Debt Capital Market databases covering over 1.7 million interactions of investment banks with issuers across 540 cities globally during the 1993–2016 period. We estimate our regression equations using the system generalised method of moments estimator, which allows us to obtain consistent coefficient estimates on potentially endogenous regressors, including network connectivity variables. We identify a clear pattern of a positive association between network centrality of financial centres and their growth. We distinguish between intracity and intercity network connectivity and find that financial centres with a larger number of intercity network ties and assortative intracity networks grow faster, while intracity network density does not appear to affect financial centre growth. Our results on intercity network ties are broadly consistent with established knowledge of cluster networks. In contrast, our findings on financial centres' intracity networks contradict previous research that suggests that dense and disassortative intracluster networks aid economic performance of clusters.

Short-term effects of timber harvest and forest edges on ground-layer mosses and liverworts

2005 ◽  
Vol 83 (6) ◽  
pp. 610-620 ◽  
Author(s):  
Cara R Nelson ◽  
Charles B Halpern
Keyword(s):  
Forest Management ◽  
Edge Effects ◽  
Management Practices ◽  
Timber Harvest ◽  
Ground Layer ◽  
Limited Information ◽  
Short Term ◽  
Before And After ◽  
Logging Effects ◽  
Structural Retention

Limited information exists on the effects of forest management practices on bryophytes, despite their importance to forest ecosystems. We examined short-term responses of ground-layer bryophytes to logging disturbance and creation of edges in mature Pseudotsuga forests of western Washington (USA). The abundance and richness of species were measured in four 1-ha forest aggregates (patches of intact forest) and in surrounding logged areas before and after structural retention harvests. One year after treatment, species richness, total cover, and frequency of most moss and liverwort taxa declined within harvest areas. Within forest aggregates, mosses did not show significant edge effects; however, richness and abundance of liverworts declined with proximity to the aggregate edge. Our results suggest that, over short time frames, 1-ha-sized aggregates are sufficient to maintain most common mosses through structural retention harvests but are not large enough to prevent declines or losses of liverworts. Thus, current standards for structural retention, which allow for aggregates as small as 0.2 ha, may be inadequate to retain the diversity and abundance of species found in mature, undisturbed forests.Key words: bryophyte, edge effects, forest borders, forest management, logging effects, structural retention harvest.

scholarly journals Market reaction to the rights issue announcement on the Indonesia stock exchange

2019 ◽  
Vol 6 (6) ◽  
pp. 264-269
Author(s):  
Ni Putu Linsia Dewi ◽  
Ica Rika Candraningrat
Keyword(s):  
Capital Market ◽  
Abnormal Return ◽  
Stock Exchange ◽  
Statistical Tests ◽  
Abnormal Returns ◽  
Analysis Technique ◽  
Before And After ◽  
Parametric Statistical Test ◽  
The Right ◽  
Rights Issue

Rights issue or the issuance of pre-emptive rights are the rights granted by an issuer company made to its existing shareholders to buy new shares issued within a predetermined period of time. This study aims to empirically explain the differences in abnormal returns before and after the announcement of the rights issue and to determine the form of capital market efficiency in Indonesia. Data are collected from 27 listed companies in the Indonesia Stock Exchange (IDX) that conducted a rights issue in 2014-2018. The data analysis technique used is the Kolmogorov-Smirnov Normality Test and the Parametric Statistical Test with a paired sample t-test. Based on the results of hypothesis testing not found differences in abnormal returns both before and after the announcement date indicating the market does not react to the right issue event. The results of statistical tests show a downward trend of abnormal return which is proxied in the Cumulative Abnormal Return (CAR), implying a market tends to react negatively to the announcement of the rights issue. Rights issue information causes a new equilibrium price adjustment in the market, thus making the form of efficiency of the Indonesian capital market a semi-strong form.

scholarly journals АНАЛІЗ СПІВРОБІТНИКІВ КОМПАНІЇ ЯК НОСІЇВ КОРПОРАТИВНОЇ КУЛЬТУРИ

2019 ◽  
Vol 125 (4) ◽  
pp. 62-68
Author(s):  
Олена Миколаївна Афанасьєва ◽  
Валерія Вячеславівна Кошарна
Keyword(s):  
Staff Development ◽  
Corporate Culture ◽  
Social Life ◽  
Wide Spectrum ◽  
Equity Capital ◽  
Key Factors ◽  
Factors Affecting ◽  
Remuneration Policy ◽  
Business Structures ◽  
Definition Of

The paper explores the key factors affecting the corporate culture formation and development. Recently, the issues of corporate culture, especially in large organizations, trigger the focused attention of a number of management theorists and practitioners. It is a relatively new and insufficiently researched concept, both in this country and abroad. People make the foundation of any company, conversely any organization directs its activities towards a person fostering a multifaceted diversity of organizational culture brought in by each employee. This wide spectrum of variety is shaped by the uniqueness of each individual. Each person’s genetic background is exceptional which stems from people’s diversity of the universe. Ukrainian national individualism specified by the nature of social life plays a dual role in building a corporate culture domain of domestic business structures. Given the equity capital formation under the indirect ownership-based principle of “from individual to collective”, this feature of a national character contributes to corporate philosophy tailoring. The paper suggests a definition of the “corporate culture” concept as a set of values, beliefs, opinions, perceptions, expectations, symbols as well as behavior norms and patterns, traditions, rituals, etc. that have developed in the organization or its divisions during its life cycle and which are accepted by the majority of employees. The system of leadership based on encouraging practices is proved to be most effective. Diligent, initiative performance of management instructions, hard creative work in this case depend on the remuneration policy. Thus, incentives should be meaningful for a performer and feasible for a firm. Insights to a range of theoretical and practical aspects in building employee’s corporate culture are provided. The personnel particular role in facilitating the enterprise performance efficiency is revealed. The paper verifies the need to implement coaching in terms of effective training practices for staff development.

scholarly journals Harga Saham Sebelum dan Sesudah Stock Split

2020 ◽  
Vol 3 (2) ◽  
pp. 390-395
Author(s):  
Junita Putri Rajana Harahap ◽  
Murni Dahlena Nasution
Keyword(s):  
Event Study ◽  
Capital Market ◽  
Stock Prices ◽  
Stock Price ◽  
Research Method ◽  
Price Difference ◽  
Significant Difference ◽  
Stock Split ◽  
Before And After ◽  
A Company

The stock split causes the stock price to be cheaper so that it will attract potential investors to buy the stock. This research was conducted to determine when it is time for a company to do a stock split, information available on the capital market can be used by investors for consideration before investors make a decision to invest in shares. The study aims to determine the changes that occur in stock prices before and after the stock split policy by the company. The research method used in this research is event study research with a quantitative approach. This study examines how significant the stock price difference is after a stock split policy. The sample used in this study were all companies that carried out the 2016-2018 stock split policy. The results of research on companies that become samples have shown that the average stock price before the announcement of the stock split policy has no significant difference with the average stock price after the announcement of the stock split policy Keywords : Stock Price, Stock Split

scholarly journals The Role of Endothelial Dysfunction in the Development of Cardiotoxic Action of Cytostatics in Patients with Lymphoproliferative Diseases

Kardiologiia ◽  
2019 ◽  
Vol 59 (4) ◽  
pp. 64-66 ◽  
Author(s):  
D. A. Budanova ◽  
Yu. N. Belenkov ◽  
I. Ya. Sokolova ◽  
O. N. Antyufeeva ◽  
V. I. Ershov ◽  
...  
Keyword(s):  
Endothelial Dysfunction ◽  
Normal Values ◽  
Clear Understanding ◽  
Age Group ◽  
Lymphoproliferative Diseases ◽  
Endothelin 1 ◽  
Vasoconstrictor Effect ◽  
Before And After ◽  
Chemotherapy Cardiotoxicity

Understanding mechanisms of chemotherapy cardiotoxicity is an important problem due to the lack of clear understanding of its occurrence. Development of endothelial dysfunction is considered to be one of possible ways in implementation of these side effects. The analysis of endothelin-1 and e-selectin levels in 26  patients with lymphoproliferative diseases before and after the completion of the treatment program was been performed. The results of the study showed normal values of E-selectin level and increased level of endothelin-1 in the whole group of patients before treatment. After completion of chemotherapy program, in the whole group, there was a decrease of these two markers. However, values of level of endothelin-1 with vasoconstrictor effect remained high even after the end of therapy. It is imp ortant that at detailed analysis the dynamics of investigated markers in patients of older age group (median age 64 years) was associated with worsening of endothelial dysfunction.

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