scholarly journals COVID 19: Effect on leading pharmaceutical stocks listed with NSE

2020 ◽  
Vol 11 (SPL1) ◽  
pp. 31-36
Author(s):  
Aravind M ◽  
Manojkrishnan C G
Keyword(s):  
Research And Development ◽  
Stock Exchange ◽  
Pharmaceutical Companies ◽  
Momentum Effect ◽  
Pharmaceutical Sector ◽  
Crisis Period ◽  
Market Capitalization ◽  
Brand Reputation ◽  
Long Run ◽  
Backward Integration

The purpose of this study is to examine how Covid 19 outbreak has affected leading pharmaceutical stocks listed with the National Stock Exchange of India. We have selected ten leading pharmaceutical companies listed with NSE, and the selection was purely based on the market capitalization of the companies. The general hypothecation of this study was the pharmaceutical stocks will move against the general market trend (contrarian effect). The study period was classified in to pre-crisis period and Covid 19 crisis period. The data consists of 123 daily price observations of the selected 10 pharmaceutical companies. The period of study is ranging from 3rd September 2019 to 28th February 2020. The results reported that momentum effect is persisting with pharmaceutical stocks as the pharmaceutical stocks are moving in accordance with the general benchmarking index. Only two companies, namely Aurobindo Pharma Ltd and Lupin Ltd reported with varied return trend during the study period. This study also signifies that companies like Sun Pharma, Cipla, Glenmark with strong brand reputation were seems to be sustaining in the crisis period in spite of the general falling market trend. This paper is strongly urge the need for backward integration and enhanced research and development activities to Indian Pharmaceutical sector for ensuring their sustainable long-run operations.

The impact of research and development and marketing costs on the profitability of pharmaceutical companies of Tehran Stock Exchange using panel data 2001-2013

2016 ◽  
Vol 10 (4) ◽  
pp. 467-476 ◽  
Author(s):  
Yahya Bayazidi ◽  
Enayatollah Homaie Rad ◽  
Mehdi Mojahedian ◽  
Mehdi Toroski ◽  
Azita Nabizadeh ◽  
...  
Keyword(s):  
Panel Data ◽  
Research And Development ◽  
Stock Exchange ◽  
Random Effect ◽  
Patent Law ◽  
Pharmaceutical Companies ◽  
Content Type ◽  
Marketing Costs ◽  
The Impact ◽  
D Investment

Purpose The main aim of this study is to investigate the effects of marketing and costs and research and development (R&D) investments on profitability of pharmaceutical companies of Iran. Design/methodology/approach In this study, pharmaceutical companies that have been accepted in Tehran Stock Exchange until March 19, 2013 were investigated. Random-effect panel data estimator was used for this purpose. Findings The findings indicate that variables such as company size, capital-to-total asset ratio and debt-to-asset ratio have an effect on profitability. But, company life, advertising cost and R&D investment are ineffective on profitability. Originality/value Legal issues like not having patent law and pricing mechanism are reasons for the ineffective relationship between R&D and marketing costs and its effect on profitability of the Iran pharmaceutical industry.

scholarly journals Capital Market and Economic Growth in Nigeria: An Autoregressive Distributed Lag (ARDL) Bounds Testing Approach

2021 ◽  
Vol 1 (2) ◽  
Author(s):  
Panan Danladi Gwaison ◽  
Livinus Nkuri Maimako ◽  
Pokyes Shekara Mwolchet
Keyword(s):  
Economic Growth ◽  
Capital Market ◽  
Stock Exchange ◽  
Series Data ◽  
Fair Trading ◽  
Market Capitalization ◽  
Distributed Lag ◽  
Autoregressive Distributed Lag ◽  
Long Run ◽  
The Capital Market

The role of the capital market in the growth and development of any economy need not be over-emphasized. The capital market is a complex institution and mechanisms through which economic units desirous to invest their surplus fund, interact directly or through financial intermediaries with those who wish to procure funds for their businesses. The Nigerian capital market started operations in mid-1961 with eight stocks and equities; with about seven United Kingdom (UK) firms quoted on the Nigerian Stock Exchange (NSE) which had, at the same time, dual quotations on the London Stock Exchange. This study examined the impact of the capital market on economic growth in Nigeria from 1981 to 2018. The expo facto research design was adopted for this study. The time-series data for the study were sourced from CBN statistical bulletin. Autoregressive Distributed Lag (ARDL) was used with the aid of e-view 10 software. The ARDL Bounds test revealed the existence of a long-run relationship among the variables. The result revealed that market capitalization has positive and insignificant effects on economic growth both in the short and long run. There is unidirectional causality among the variables.  The study recommended that regulatory authorities should restore confidence in the market by ensuring transparency and fair trading dealings and transactions in the market to enhance economic growth. There should be an improvement in the moribund market capitalization, by encouraging more foreign investors to participate in the market, maintain a state of the art technology like automated trading and settlement practices, electronic fund clearance, and eliminate physical transfer of shares.

Efficiency of Indian Equity Futures Market—An Empirical Analysis with reference to National Stock Exchange

2020 ◽  
pp. 097215092092046
Author(s):  
Partha Sarathi Roy ◽  
Tanupa Chakraborty
Keyword(s):  
Stock Exchange ◽  
Spot Market ◽  
Futures Market ◽  
Primary Objective ◽  
Impulse Response Functions ◽  
Market Capitalization ◽  
Long Run ◽  
Short Run ◽  
Underlying Stocks ◽  
Long Run Equilibrium

At National Stock Exchange (NSE), the largest by market capitalization and the most liquid stocks, which form the majority of free float market capitalization of the exchange, have traded futures contracts. The equity stock futures segment in India has recorded very high growth in trading volume and turnover for more than one decade where majority trade happens on NSE. The primary objective of this study is to investigate the dynamic linkages between equity stock futures and their underlying spot markets. The article examines market efficiency and the causal relationship between single-stock futures and underlying stocks traded at NSE, by employing Johansen cointegration test, a test for autoregressive (AR) order of basis, vector error correction model (VECM) and impulse response functions. The result shows the existence of long-run equilibrium relationship between equity stock futures and their underlying stocks. The spot market is found to play a lead role in correction of any short-run disequilibrium towards long-run equilibrium, for the majority of stocks. Both spot and future markets contribute in price discovery and neither of the markets display considerably higher information efficiency compared to the other. In contrast, the study also reveals possibilities of arbitrage opportunity between the equity stock futures market and the underlying spot market in absence of transaction costs possibly due to faster correction of short-run disequilibrium by spot prices.

scholarly journals Long-Run Underperformance on Seasoned Equity Offerings: An Evidence from Indonesia

2019 ◽  
Vol 10 (1) ◽  
pp. 41-49
Author(s):  
Abdur Rafik ◽  
Salsabila Annisa Azmi
Keyword(s):  
Stock Exchange ◽  
Abnormal Returns ◽  
Developed Countries ◽  
Seasoned Equity Offerings ◽  
Equity Offerings ◽  
Book Value ◽  
Market Capitalization ◽  
Performance Benchmarking ◽  
Long Run ◽  
The Right

The research aimed to analyze the underperformance phenomenon following Seasoned Equity Offering (SEO)in Indonesian context. Samples were all firms listed on the Indonesia Stock Exchange with the right issue in the observed periods, were chosen by purposive sampling with several criteria. In total, there were 109 issuing firms from 2009-2014 that were analyzed using performance benchmarking approaches. The approaches consisted of market-based, size-based, growth-based, and industry-based benchmarks. The market-based was constructed using a market return. Then, the size and the growth benchmarks were constructed on the basis of closest market capitalization and closest price-to-book value respectively. Then, the industry benchmark was based on a closest combined of market capitalization and Price to Book Value (PBV) of matched firms within the first-second digit of Standard Industry Classification (SIC). The test was conducted using standard t and Wilcoxon tests by examining the benchmark-based abnormal returns over various spans ranging from 3 to 36 months following the right offerings. Like several findings in developed countries, the results also confirm the underperformance phenomenon following right offerings in Indonesia. The negative abnormal returns are found for all benchmark performances, but they are only significant for the market benchmark and partially significant for the size and the growth benchmarks. Behavioral explanations need to be modeled to reveal the intuitions behind the results.

THE INFLUENCE OF NET PROFIT MARGIN AND CURRENT RATIO ON STOCK PRICE

2017 ◽  
Vol 9 (2) ◽  
pp. 37-43
Author(s):  
Sri Dewi Anggadini ◽  
Eva Tarsiah
Keyword(s):  
Data Analysis ◽  
Pharmaceutical Company ◽  
Stock Price ◽  
Stock Exchange ◽  
Profit Margin ◽  
Pharmaceutical Companies ◽  
Analysis Method ◽  
Current Ratio ◽  
Financial Reports ◽  
Net Profit

 This research have purpose to examine empirically the effect on Net Profit Margin and Liquidity (Current Ratio) to Stock Price on Sub Sector Pharmaceutical Company Listed on IndonesiaStock Exchange Period 2012-2016. The problems that occur in Sub Sector Pharmaceutical Companyis the decrease of Stock Price but not followed by the increase of Net Profit Margin. Then the companyhas descreased Stock Price but not followed by the increase of Liquidity (Current Ratio). The research uses descriptive verification analysis method with population 10 companies from Sub Sector Pharmaceutical Companies. Sample selected by using purposive sampling, so thesample obtained to 8 companies with 40 financial reports from Sub Sector Pharmaceutical CompanyListed in Indonesia Stock Exchange Period 2012-2016. Technical of data analysis is multiple linearregression with SPSS 16.0 version as the application.  The result of the analysis showed that Net Profit Margin has positive and significant effect to Stock Price, and Liquidity which measured by Current Ratio has Positive dan significant effect toStock Price.

Momentum Effect in Stock Market: Empirical Evidence from Pakistan Stock Exchange

2019 ◽  
Vol 12 (1) ◽  
Author(s):  
Shahid Rasheed ◽  
Umar Saood ◽  
Waqar Alam
Keyword(s):  
Stock Market ◽  
Empirical Evidence ◽  
Stock Markets ◽  
Stock Exchange ◽  
Momentum Effect ◽  
Using Data

This study aims to examine the momentum effect presence in selected stocks of Pakistan stock market using data from Jan 2007 to Dec 2016. This study constructed the strategies includes docile, equal weighted and full rebalancing techniques. Data was extracted from the PSX – 100 index ranging from 2007 to 2016. STATA coding ASM software was used for calculating momentum portfolios, finally top 25 stocks were considered as a winner stocks and bottom 25 stocks were taken as a loser stocks. In conclusion, the results of the study found a strong momentum effect in Pakistan stock exchange PSX 100- index. As by results it has been observed that a substantial profit can earn by the investors or brokers in constructing a portfolio with a short formation period of three months and hold for 3, 6 and 12 months. There is hardly a study is present on the same topic on Pakistan Stock Exchange as preceding studies were only conducted on individual stock markets before merger of stock markets in Pakistan while this study leads the explanation of momentum phenomenon in new dimension i.e. Pakistan Stock Exchange. Keywords: Momentum, Portfolio, Winner Stocks, Loser Stocks

Pharmacist for a Healthy India – Swasth Bharath

2016 ◽  
Vol 9 (2) ◽  
pp. 3151-3154
Author(s):  
G. N. Singh
Keyword(s):  
Pharmaceutical Industry ◽  
Research And Development ◽  
Healthcare System ◽  
Scientific Knowledge ◽  
Health Sector ◽  
High Technology ◽  
Pharmaceutical Sector ◽  
The Public ◽  
Pharmacy Council ◽  
Global Player

India has emerged as a global player for pharmaceuticals. The pharmaceutical revolution of 1970-90 of Indian Pharma Industry had demonstrated that India could be self-sufficient in the manufacture of essential drugs at affordable prices. The turnover of Indian Pharmaceutical is over $30 billion in 2015 including $15 billion in exports.  It was a great honor to preside the 67th Indian pharmaceutical congress held in Mysore. The topic of Pharmacists for a Healthy India is close to my heart and being a regulator myself, I feel that the Pharmacy fraternity can play a much larger role in contributing to the healthcare system in India. Pharmacist as such are involved in a big way in the regulation of drugs, be it manufacture, be it sale or research and development. A contribution of the Pharmacists is there at every stage till the drug reaches the consumer safely. For this purpose, the society needs a pool of well qualified and experienced pharmacists, which requires regular updating of their knowledge to keep pace with the developments taking place in the pharmaceutical sector. The advancements in technology and the emerging challenges in the health sector require pharmacists to shoulder the responsibilities towards the utilization of scientific knowledge in the use of modern medicines and the protection of the public against dangers of wrong use of drugs. The Pharmacy Council of India on its part will have to ensure that the courses offered for creating a high technology based are calibrated in such a way that the education and skills developed suit to the requirements of the Pharmaceutical Industry as well as needs to the patients

Examining the Hedging Effectiveness of Futures Contracts over Pre and Post Financial Crisis Period: Evidence from National Stock Exchange of India

2015 ◽  
Vol 3 (2) ◽  
Author(s):  
Kapil Gupta ◽  
Mandeep Kaur
Keyword(s):  
Financial Crisis ◽  
Stock Exchange ◽  
Futures Contracts ◽  
Price Risk ◽  
Hedge Ratio ◽  
Crisis Period ◽  
Hedging Effectiveness ◽  
Hedge Ratios ◽  
Time Invariant

Present study examines the efficiency of futures contracts in hedging unwanted price risk over highly volatile period i.e. June 2000 - December 2007 and January 2008 – June 2014, pre and post-financial crisis period, by using S&PC NXNIFTY, CNXIT and BANKNIFTY for near month futures contracts. The hedge ratios have been estimated by using five methods namely Ederingtons Model, ARMA-OLS, GARCH (p,q), EGARCH (p,q) and TGARCH (p,q). The study finds that hedging effectiveness increased during post crisis period for S&PC NXNIFTY and BANKNIFTY. However, for CNXIT hedging effectiveness was better during pre-crisis period than post crisis. The study also finds that time-invariant hedge ratio is more efficient than time-variant hedge ratio.

scholarly journals The Impact of Mergers and Acquisitions and Sustainability on Company Performance in the Pharmaceutical Sector

2021 ◽  
Vol 13 (12) ◽  
pp. 6525
Author(s):  
Diana Marieta Mihaiu ◽  
Radu-Alexandru Șerban ◽  
Alin Opreana ◽  
Mihai Țichindelean ◽  
Vasile Brătian ◽  
...  
Keyword(s):  
Stock Market ◽  
Mergers And Acquisitions ◽  
Performance Improvement ◽  
Score Function ◽  
Pharmaceutical Companies ◽  
Company Performance ◽  
Direct Impact ◽  
Pharmaceutical Sector ◽  
Financial Measures ◽  
The Impact

The primary goal of this study was to determine the impact of mergers and acquisitions (M&A) and the environmental, social, and governance (ESG) sustainability scores of companies. In this regard, efforts to measure and analyze the evolution of a company’s performance, taking into account financial and non-financial measures using a score function, are adapted to the pharmaceutical sector. The sample consisted of 100 leading pharmaceutical companies, ranked by stock market capitalization, who registered 30% (n = 492) of the total M&A transactions over the study period (2010–2020). There was a direct and positive link between the M&A process and the evolution of company performance. The ESG score, as an indicator for measuring sustainability, has a positive and direct impact on company performance, indicating that a high ESG score determines an increase in company performance. A similar impact is identified for companies involved in M&A processes, meaning that companies in the pharmaceutical sector tend to register a performance improvement.

MERGE OF THE TECHNİCAL ANALYSİS TYPES GİVES THE BEST RESULTS İN CRYPTOCURRENCY MARKET

2021 ◽  
Vol 6 (14) ◽  
pp. 89-97
Author(s):  
MUSTAFA ÖZYEŞİL ◽  
MOHAMMAD AL-TARIFI
Keyword(s):  
Supply And Demand ◽  
Investment Strategy ◽  
Proof Of Concept ◽  
Market Capitalization ◽  
Long Run ◽  
Peer Network ◽  
Tangible Asset ◽  
The Relationship ◽  
Peer To Peer Network

Cryptocurrencies are a modern kind of financial instrument (Hudson & Urquhart, 2019), the first cryptocurrency is Bitcoin , proposed by who called Satoushi Nakamato (2008), as The open source was created on the proof-of-concept principle that transactions can be securely treated on a decentralized peer to peer network without the need for a central clearinghouse, which appeared 2009 ( Heid, 2013). The success of the bitcoin blazes a trail to what called ‘Altcoin” this expression means all the cryptocurrencies that set in motion after the victory of the bitcoin, these coins sell themselves as the best alternatives for the bitcoin (FRANKENFIELD, 2020) . There are many types for the altcoin. The third type of the cryptocurrency is called Tokens Unlike Bitcoin and Altcoins, tokens are not able to activate independently and are dependent on the grid of another cryptocurrency. That means they do not have their own core DLT or blockchain, but instead, are built on top of an existing cryptocurrency’s blockchain (Types of cryptocurrencies: explaining the major types of cryptos, 2019). The worth of bitcoin doesn’t depend on any tangible asset or economies of the countries while it is based upon the security of an algorithm which traces all transactions (Hudson & Urquhart, 2019). The studies determine the number of the bitcoin price development in the long -run (Ciaian, Rajcaniova, & Kancs, 2018): • Market forces of the Bitcoin supply and demand • The bitcoin’s attractiveness for the investors • The influence of global macro-financial developments If you're forming an investment strategy designed to help you trail long-term financial intentions, understanding the relationship between company size, return potential, and risk is vital. (Market cap—or market capitalization—refers to the total value of all a company's shares of stock, 2017) .Hence , Manifested importance a cryptocurrency’s market capitalization as the total values of all coins currently in circulation. the cryptocurrency’s market cap contains what’s called Bitcoin Dominance that is the ratio between the market cap of bitcoin to other coins of the cryptocurrency markets (jacobcanfield, 2019) . Cryptocurrency trade is attractive type of investment. this market treated the same of the foreign exchange and stock market ( Radityo, Munajat, & Budi, 2017). The investors using the same basic in investment (buy low, sell high) but they need to calculating the risks

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