scholarly journals HERDING BEHAVIOR: MENGEKSPLORASI SISI ANALISIS BROKER SUMMARY

2021 ◽  
Vol 21 (2) ◽  
pp. 207
Author(s):  
Ainun Naim ◽  
Dwi Hita Darmawan ◽  
Nurafifah Wulandari
Keyword(s):  
Stock Exchange ◽  
Time Frame ◽  
Future Research ◽  
Market Maker ◽  
Retail Market ◽  
Herding Behavior ◽  
Market Makers ◽  
Research Gap ◽  
The Impact ◽  
Positive Return

<p><strong><em>Abstract</em></strong><em>: Our research focuses on herding behavior and broker summary analysis in the Covid-19 time frame in Indonesia. Herding behavior in the retail exchange community or the general public is considered detrimental due to the irrationality of analysis and promoting euphoria which results in very large losses. Answering the research gap, we offer a broad exploration concept to avoid and create positive returns by utilizing the herding behavior of the retail market community. We tested using multiple methods to ensure the existence of herding behavior in a regression setting of two and took advantage of positive opportunistic returns for exchange play. The first method shows that the research sample detected herding behavior during March 11, 2020 – March 11, 202 and we ensure the resilience of existence through two models. The second method, to get a positive return, we offer bandarmology analysis adopted from Dow theory for trading in a market maker style. Analyzing the movement and following market makers, we can conclude that it creates positive returns and prevents the stock exchange community from the impact of sustainable auto rejects. This study has limitations, for future research we expect the use of empirical models that are simpler and more efficient in revealing herding behavior. Furthermore, for the exploratory method, further research can be carried out in disclosing bandarmology analysis based on stock categorization (blue chip, second liner, and third liner), time horizon of market makers, and detailed analysis of camouflage behavior of market makers using retail securities.</em></p><p><strong><em>Keywords</em></strong><em>: bandarmology</em><em>;</em><em> brokers summary;</em><em> </em><em>herding behavior; market makers </em></p>

scholarly journals Institutional Investors Ownership and Financial Performance: Examining the Nexus in Nigerian Deposit Money Banks

2020 ◽  
Vol 11 (6) ◽  
pp. 177
Author(s):  
Damilola Felix Eluyela ◽  
Wisdom Okere ◽  
Adegbola Olubukola Otekunrin ◽  
John Nonso Okoye ◽  
Asamu Festus ◽  
...  
Keyword(s):  
Panel Data ◽  
Financial Performance ◽  
Significant Relationship ◽  
Stock Exchange ◽  
Time Frame ◽  
Annual Reports ◽  
Growth And Survival ◽  
Performance Examining ◽  
Institutional Shareholders ◽  
The Impact

The main aim of this paper is to examine the impact of institutional investor’s ownership on the financial performance of deposit money banks listed on Nigerian stock exchange (NSE). The time frame for this study is 2011-2018. Data was generated from annual reports of 15 deposit money banks listed on NSE. The result of the panel data methodology shows a positive and significant relationship between institutional investor’s ownership and banks financial performance. The study recommended that management of banks should give more attention to the large institutional shareholders due to their influence on the growth and survival of the company.

An economic analysis of nontraditional lending in Chapter 12 bankruptcy cases

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Adam N. Rabinowitz ◽  
William Glen Secor
Keyword(s):  
Design Methodology ◽  
Future Research ◽  
Parameter Estimates ◽  
Content Type ◽  
Secured Debt ◽  
Marginal Effects ◽  
Research Gap ◽  
The Impact ◽  
To Receive ◽  
Unique Dataset

PurposeNontraditional lenders are important credit providers for farmers. However, previous research has found that farmers who use nontraditional lenders are riskier lending opportunities. Using a unique dataset of Chapter 12 bankruptcy cases, the authors analyze the share of payment that is made or allowed by the courts on debt owed to traditional and nontraditional lenders.Design/methodology/approachThe authors use a Tobit model to calculate parameter estimates and marginal effects of the impact of creditor type (traditional/nontraditional) and debt classification (secured, priority and unsecured) on the proportion of a bankruptcy claim that lenders receive or are expected to receive when a case is discharged.FindingsThe authors find that traditional lenders with secured debt receive a greater repayment than nontraditional lenders. Meanwhile, there are more than twice the number of nontraditional lenders that are owed debt in these bankruptcy claims. While this raises concern for nontraditional lenders, that is mitigated some by the level of debt that is on average about one-sixth the size of the average debt of traditional lenders. Finally, the authors show there are numerous opportunities for future research in this area using case level bankruptcy data.Originality/valueThis paper fills a research gap by focusing on the state of nontraditional lenders in Chapter 12 bankruptcy cases and their treatment in discharged cases.

scholarly journals Impact of Accounting Information on Share Price: Empirical Evidence from Pakistan Stock Exchange

2016 ◽  
Vol 3 (1) ◽  
pp. 124
Author(s):  
Muhammad Asif ◽  
Kashif Arif ◽  
Waqar Akbar
Keyword(s):  
Capital Market ◽  
Stock Prices ◽  
Stock Exchange ◽  
Explanatory Power ◽  
Accounting Information ◽  
Time Frame ◽  
Share Price ◽  
Share Prices ◽  
The Impact ◽  
The Relationship

Purpose—The purpose of this paper is to examine the relationship between accounting information and share price. In order to achieve this, a model that includes specific accounting ratios (earning per share, book value per share, capital employed per share and operating cash flow per share) and shares a price is developed. Design/methodology/approach—The data were collected from the companies listed in KSE-30 index. The time frame spans from 2006 to 2013 and OLS regression models were used to examine the relationshipsFindings—The resulting evidence suggest that accounting information parameters have significant influence on share price and they have joint explanatory power in determining stock prices. This research finds the consistent results with pervious empirical researches.Originality/value—The present study adds to the existing literature by examining the impact of accounting information on share prices within the context of an emerging capital market such as Pakistan Stock Exchange using KSE-30 companies. This is believed to be the first study which considers the aforementioned issues in the Pakistan’s capital market environment.

scholarly journals The impact of the intellectual capital components on firm’s performance in emerging markets

2021 ◽  
Vol 11 (2) ◽  
pp. 8-17
Author(s):  
Noomen Chaabane
Keyword(s):  
Human Capital ◽  
Intellectual Capital ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Value Added ◽  
Multiple Linear Regression Analysis ◽  
Future Research ◽  
Structural Capital ◽  
Stock Market Performance ◽  
The Impact

The objective of this research is to review, analyse, and provide empirical evidence about the impact of the intellectual capital (IC) characteristics on the firm performance on listed 26 companies in Tunisian Stock Exchange for the years 2010–2019. 260 companies were taken as a sample of this research using the purposive sampling method. The efficiency of intellectual capital was measured using the value added intellectual coefficient (VAIC) method developed by Pulic (2000). The research method used was multiple linear regression analysis. Our empirical analysis substantiates the fundamental role of IC components in improving the financial and stock market performance of listed Tunisian companies. The results obtained on the human capital efficiency variable contribute to improving the market of Tunisian listed companies and confirm the role attributed to human capital in the knowledge economy and even the basic hypothesis of the VAIC method. Investors do not place any importance on the following variables: structural capital, human capital and the efficiency of structural capital during market valuation. Future research is suggested to use cross-country companies as the sample.

scholarly journals BUSINESS RISK, FINANCIAL RISK AND FIRM PERFORMANCE AN EMPIRICAL STUDY OF INDONESIAN MANUFACTURING SECTOR

2020 ◽  
Vol 29 (1) ◽  
pp. 64
Author(s):  
Utami Prasetiawati
Keyword(s):  
Firm Performance ◽  
Financial Risk ◽  
Stock Exchange ◽  
Manufacturing Sector ◽  
Control Variable ◽  
Future Research ◽  
Statistical Tool ◽  
Return On Equity ◽  
Stock Market Investors ◽  
The Impact

Introduction: This paper empirically examines the impact of degree of operating leverage (DOL) and degree of financial leverage (DFL) to firm performance by using size as control variable. Firm performances used are return on equity (ROE) and market to book ratio (MTB).Methods: Statistical tool used is pooled regression while sample used is all Indonesian manufacturing firms listed in Indonesia Stock Exchange from 2009-2013.Results: The findings revealed that high fixed asset firms pose higher DOL compared to those of lower ones; and highly financial leveraged firms pose significantly higher DFL compared to those of lower financial leveraged ones. Further, both DOL and DFL impacting ROE in negative manner but only DOL is statistically significant, while all variables (DOL, DFL and Size) impacting MTB in negative manner but only size is statistically significant.Conclusion and suggestion: The finding shows that Indonesian stock market investors do not regard risks as important elements in making investment decisions. The findings, however, pose a quite low R squared value of 1.39% for ROE and 2.4% for MTB. This means only those percentage of ROE and MTB can be explained from the variables used in this research. Thus, the author encourge more variables should be included in the future research, including macro economic variables, as it is one of the key component in firm performance.

scholarly journals Clozapine and hematologic adverse reactions: Impact of the Risk Evaluation and Mitigation Strategy program

2020 ◽  
Vol 10 (3) ◽  
pp. 70-75
Author(s):  
Eric P. Borrelli ◽  
Erica Y. Lee ◽  
Aisling R. Caffrey
Keyword(s):  
Adverse Event ◽  
Adverse Events ◽  
Risk Evaluation ◽  
Treatment Effectiveness ◽  
Adverse Event Reporting System ◽  
Fold Increase ◽  
Time Frame ◽  
Mitigation Strategy ◽  
Future Research ◽  
The Impact

Abstract Introduction In October 2015, the Food and Drug Administration (FDA) instituted an update to the mandatory Risk Evaluation and Mitigation Strategy (REMS) program for clozapine to improve safety monitoring of hematologic events. However, the impact of the clozapine REMS program on reporting of hematologic adverse events has not been quantified. Methods We assessed adverse event reports for agranulocytosis, granulocytopenia, leukopenia, and neutropenia from the FDA Adverse Event Reporting System (FAERS) for a 1-year time period before (October 2014 to September 2015, pre-REMS) and after (October 2015 to September 2016, post-REMS) the implementation of the clozapine REMS program. The AERSMine platform was used to capture historical effect estimates (October 2004 to September 2014). Reporting odds ratios (ROR), proportional reporting ratios (PRR), and corresponding Taylor series 95% confidence intervals (CIs) were calculated for hematologic events with clozapine compared with all other medications using OpenEpi. Results Reporting rates for agranulocytosis, granulocytopenia, leukopenia, and neutropenia with clozapine all increased from the pre-REMS to post-REMS time frames, ranging from a 2-fold increase with leukopenia to a 40-fold increase with neutropenia; the composite measure of all hematologic reports had a 12-fold increase. During the post-REMS time frame, the ROR increased by 1691% (111.4, 95% CI 100.6-123.4) compared with the pre-REMS time frame (7.1, 95% CI 5.2-9.6), and the PRR increased by 1280% (83.1, 95% CI 76.8-90.0 vs 6.9, 95% CI 5.1-9.4) for the composite outcome. Discussion We observed significant increases in reports of hematologic adverse events with clozapine after the introduction of the clozapine REMS program. Future research should explore the impact of the less stringent exclusionary and discontinuation criteria on utilization (eg, expanded access) and clinical outcomes (eg, treatment effectiveness and adverse events).

scholarly journals The Role of Firm Reputation and Management Experience for Firm Performance after Merger and Acquisition

2021 ◽  
Vol 11 (1) ◽  
pp. 150-167
Author(s):  
Edi Edi ◽  
Erni Susanti
Keyword(s):  
Positive Impact ◽  
Stock Exchange ◽  
Merger And Acquisition ◽  
Time Frame ◽  
Company Performance ◽  
Firm Reputation ◽  
Regression Methods ◽  
Company Value ◽  
And Performance ◽  
The Impact

This study examines the impact of firm reputation and CEO experience to company performance after merger and acquisition. The sample of this research are companies listing on the Indonesia Stock Exchange and register their M&A action to the Indonesian Commission for the Supervision of Business Competition. The time frame for selecting data is from 2014 to 2019. The research data are tested and analyzed with multiple linear regression methods on SPSS Software by using 110 sample data. The results of the data test prove that the acquisition experience in the same industry and the measurement of the company's capitalization reputation have a significant positive impact on company performance. Following the concept of knowledge transfer theory and organizational theory, acquisition in same industry will increasing company value and performance in competing with other competitors with more focused and can create cost saving. These will have an effect on company performance by get a good response in public and achieve a competitive advantage. Novelty of this research provides a new insight for firm reputation measurement that are still relevant to be used for measure firm reputation.

scholarly journals Os efeitos da introdução de agentes de liquidez no mercado acionário brasileiro

2013 ◽  
Vol 11 (2) ◽  
pp. 281
Author(s):  
Marcelo Perlin
Keyword(s):  
Event Study ◽  
High Frequency ◽  
Financial Institution ◽  
Stock Exchange ◽  
Market Maker ◽  
Average Increase ◽  
Market Making ◽  
Market Makers ◽  
Liquidity Provision ◽  
Before And After

The main objective of this study is to analyze the empirical effects of the introduction of market makers in the Brazilian stock exchange. By aggregating information regarding the dates of the market maker’s contract and the use of a privileged high frequency database, it was possible to execute an event study to check the effect of the introduction of liquidity agents. As expected, the period after the beginning of the market maker’s contract presented a significant increase in the liquidity of the stocks. The study reports an average increase of 31% in the number of trades in the period before and after the start of the contract. Another result is that the work of a liquidity agent can change significantly the autocorrelation of the trade signs in approximately 10%. Such a result is stronger for the stocks with lower liquidity. The investigation also shows heterogeneous results for the performance of the liquidity provision when the analysis based itself on the financial institution of the market maker. Such information is particularly important for companies that are seeking to contract market making services.

scholarly journals Assessing the Impacts of the Prescription Drug User Fee Acts (PDUFA) on the FDA Approval Process

2005 ◽  
Vol 8 (1) ◽  
Author(s):  
Ernst R. Berndt ◽  
Adrian H. B. Gottschalk ◽  
Tomas Philipson ◽  
Matthew W. Strobeck
Keyword(s):  
Prescription Drug ◽  
Drug User ◽  
Drug Approval ◽  
Time Frame ◽  
Future Research ◽  
Fda Approval ◽  
Prescription Drug User ◽  
Principal Finding ◽  
User Fee ◽  
The Impact

Congress enacted and renewed the Prescription Drug User Fee Acts (PDUFA) in 1992, and renewed it in 1997 and 2002, mandating FDA performance goals in reviewing and acting on drug applications within specified time periods. In turn, the FDA was permitted to levy user fees on drug sponsors submitting applications to the FDA. While PDUFA mandated action or review times, its ultimate impacts on actual final drug approval times are unknown. We model and quantify the impact of PDUFA-I and II on drug approval times, since these approval dates are the ones most directly related to new medicines becoming available to benefit patients.In assessing the impacts of PDUFA on drug approval times, it is noteworthy that approval times were trending downwards at 1.7% percent per year prior to implementation of PDUFA. Assuming continuation of that time trend, approval times post-PDUFA would have fallen even in the absence of PDUFA. Our principal finding is that PDUFA accelerated this downward trend so that instead of a counterfactual 6% reduction in approval times from 24.2 to 20.4 months in absence of these acts between 1991 and 2002, there was an observed decline of about 42%, from 24.2 to 14.2 months, following implementation of PDUFA. Thus, of the total observed decline in approval times between 1991 and 2002, approximately two-thirds can be attributed to PDUFA. However, much of this impact occurred in the initial years between 1992 and 1997 (PDUFA-I) rather than during the subsequent 1997-2002 time frame (PDUFA-II). We discuss implications of these findings and how future research might quantify the social value of the observed acceleration in the FDA drug approvals.

scholarly journals Stypendyści Akademii Umiejętności w Krakowie i Uniwersytetu Jagiellońskiego na Uniwersytecie Georga-Augusta w Getyndze w latach 1891–1914. Matematyka

2020 ◽  
Vol 19 ◽  
pp. 375-422
Author(s):  
Danuta Ciesielska
Keyword(s):  
Time Frame ◽  
Future Research ◽  
Mathematical Education ◽  
Arts And Sciences ◽  
Research Areas ◽  
The World ◽  
Archival Documents ◽  
History Of ◽  
The Impact ◽  
First Time

Podstawowym celem projektu badawczego jest ocena wpływu studiów i pobytów naukowych polskich uczonych w światowym centrum matematyki, jakim był Uniwersytet w Getyndze, na rozwój ich akademickich karier. W tym artykule skupiono się tylko na matematykach, którzy byli stypendystami Akademii Umiejętności w Krakowie i Uniwersytetu  agiellońskiego. Ramy czasowe artykułu wyznaczyły daty pobytów pierwszego i ostatniego stypendysty w Getyndze. Przedstawiono krótko informacje o Fundacji im. Osławskiego, Funduszu im. Dra Władysława Kretkowskiego oraz Funduszu im. Kazimierza Klimowskiego oraz o losach stypendystów: Leona Chwistka, Antoniego Hoborskiego, Stanisława Kępińskiego, Stanisława Ruziewicza, Włodzimierza Stożka, Władysława Ślebodzińskiego i Franciszka Włodarskiego. Przywołane w artykule dokumenty pochodzące z archiwów tych fundacji i korespondencji nie były wcześniej publikowane. Podjęto probę oceny pobudek, które skłoniły młodych polskich uczonych do wyboru Getyngi jako miejsca zagranicznych studiów. Oceniono wpływ odbytych w Getyndze studiów na tematyką prowadzonych przez nich badań naukowych. Przed główną częścią artykułu krótko naszkicowano historię matematyków, matematyki i  kształcenia matematycznego w Getyndze w okresie 1885–1914. Fellows of the Academy of Arts and Sciences in Kraków and the Jagiellonian University in Georg-August Univeristy in Göttingen in the period 1891–1914. Mathematics The main goal of the research project is an evaluation of the impact of studies and scientific visits of Polish scientists in the world mathematical centre, which was Georg-August Univeristy in Göttingen, on their careers. The results presented in this report focuses on the scholarship holders of the Academy of Arts and Sciences in Kraków and the Jagiellonian University. A time-frame for the article are the dates of visit of the first and the last scholarship holders in Göttingen. A brief history of the Osławski’s Fund, Dr. Władysław Kretkowski’s and Kazimierz Klimowski’s Fund and the fellows – mathematicians: Leon Chwistek, Antoni Hoborski, Stanisław Kępiński, Stanisław Ruziewicz, Włodzimierz Stożek, Władysław Ślebodziński and Franciszek Włodarski are presented in the article. The archival documents cited in the article are presented in print for the first time. An analysis of the reasons that urged young Polish scholars to choose Göttingen for their foreign studies is given. An evaluation of the impact of their studies in Göttingen on their future research areas was done. An introduction to the article is a very brief history of mathematicians, mathematics and mathematical education in Georg-August University in Göttingen in the period 1885–1914.

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