scholarly journals Market timing and Debt-Equity Choice of Nepalese Firms

2018 ◽  
Vol 3 ◽  
pp. 81-97
Author(s):  
Prem Prasad Silwal
Keyword(s):  
Discriminant Analysis ◽  
Stock Prices ◽  
Negative Impact ◽  
Stock Exchange ◽  
Past History ◽  
Market Timing ◽  
Weighted Average ◽  
Cross Sectional ◽  
Financial Firms ◽  
History Of

This paper aims to analyze the multivariate discriminant analysis of debt-equity choice in Nepalese non-financial firms for the period of 1992 to 2013. It is based on pooled cross-sectional data of 18 firms (263 observations) whose stocks are listed in Nepal Stock Exchange. The study finds that firm issue equity when their stock prices are high. The result further reveals that firms are strongly influenced by market conditions and the past history of security prices in issuing between equity and debt. Discriminant analysis also shows that External financing weighted average market to book ratio, market to book ratio and leverage pattern are the major determinants of issuing equity or debt. Finally, the results are consistent with the notion that market timing variables have negative impact on leverage.

scholarly journals What Drives Security Issuance Decisions Of Firms Listed On The Johannesburg Stock Exchange: Market Timing Or Dynamic Trade-Off Theory Or Both?

2015 ◽  
Vol 31 (6) ◽  
pp. 2047
Author(s):  
Vusani Moyo
Keyword(s):  
Capital Structure ◽  
Stock Exchange ◽  
Market Timing ◽  
Weighted Average ◽  
Debt Ratio ◽  
Pecking Order ◽  
Trade Off ◽  
Financial Firms ◽  
Johannesburg Stock Exchange ◽  
Target Leverage

This study used the random effects Tobit model to investigate the validity of the market timing, trade-off and pecking order hypotheses of capital structure in 143 non-financial firms listed on the Johannesburg Stock Exchange. The results show that leverage is positively correlated to the modified external finance weighted average market-to-book ratio (EFWAMB). Firm profitability and growth rate are negatively correlated to leverage whilst firm size and asset tangibility are positively correlated to leverage. The firms also have target leverage ratios towards which they actively adjust at an unbiased speed of 41.80% for the market-to-debt ratio and 52.82% for the book-to-debt ratio. EFWAMB has a negligible effect on the firms’ speeds of adjustment towards target leverage. The results are robust. These results reject the market timing hypothesis in support of the dynamic trade-off and pecking order hypotheses. They further confirm the fact that these two theories of capital structure are not mutual exclusive. 

scholarly journals Diagnostic, therapeutic and prognostic aspects of uterine synechiae managed by hysteroscopy in the gyanecological endoscopic surgery and human reproductive teaching hospital

2017 ◽  
Vol 7 (1) ◽  
pp. 56
Author(s):  
Etienne Belinga ◽  
Isidore Tompeen ◽  
Claude Cyrille Noa Ndoua ◽  
Junie Metogo Ntsama ◽  
Sandrine Mendibi ◽  
...  
Keyword(s):  
Past History ◽  
Cross Sectional Study ◽  
P Value ◽  
Chi Square ◽  
Cross Sectional ◽  
Qualitative Variables ◽  
Preoperative Diagnostic ◽  
Chi Square Test ◽  
Human Reproductive ◽  
History Of

Background: Uterine synechiae refers to a total or partial union of the inner walls of the uterus resulting from endometrial trauma. It is a cause of reproductive failure. Until now, synechia was not optimally treated and has remained understudied in Cameroon. Objective of present study was to Evaluate the diagnostic, therapeutic and prognostic aspects of uterine synechiae treated by hysteroscopy.Methods: We conducted a descriptive cross-sectional study with an analytical component from January 1st 2015 to July 31st 2017 at Yaounde. All patients diagnosed with uterine synechiae and treated with hysteroscopy were our sample. Sampling was consecutive. The chi-square test was used for the comparison of qualitative variables and Fisher's test for ANOVA variance analysis. The comparison of the averages was made by the Student's test. P-value less than 0.05 was considered as statistically significant.Results: Hysteroscopies were indicated for uterine synechiae in 14.50%. Nulliparous were 56.67%. A history of curettage/aspiration was present in 66.66%. All of the patients had a form of infertility and 83.33% had menstrual disorders. Hysterosalpingography showed a better sensitivity (88%). After hysteroscopic treatment, 63.30% had a complete anatomical restitution. There is a significant correlation between the stage of severity of synechia and anatomical restitution (p=0.008; Spearman correlation coefficient=-0.477).Conclusions: Uterine synechiae represent one-sixth of all indications for hysteroscopy and present clinically as menstrual disorder associated with infertility. A past history of uterine curettage is common. Hysterosalpingography has a better preoperative diagnostic sensitivity. Hysteroscopy allows optimal treatment.

scholarly journals Prévalence De La Douleur Neuropathique Chez Des Patients Souffrant De Lomboradiculalgie Commune En Consultation Rhumatologique À Lomé (Togo)

2017 ◽  
Vol 13 (24) ◽  
pp. 267
Author(s):  
Kodjo Kakpovi ◽  
Komi Cyrille Tagbor ◽  
Eyram Fianyo ◽  
Agbeko Komlan Doleagbenou ◽  
Kokou Mensah Guinhouya ◽  
...  
Keyword(s):  
Neuropathic Pain ◽  
Low Back Pain ◽  
Back Pain ◽  
Past History ◽  
Cross Sectional Study ◽  
Radicular Pain ◽  
Low Back ◽  
Cross Sectional ◽  
Study Results ◽  
History Of

Objective: To determine the prevalence and factors associated with neuropathic pain in patients with non-specific low back pain. Methods: This was a cross-sectional study conducted from May to July 2016 in the Rheumatology, Neurology and Neurosurgery departments of Lome. The DN4 questionnaire was used for the diagnosis of neuropathic pain in the 200 patients with low back pain included in this study. Results: Of the 200 patients (147 women and 53 men) included in the study, neuropathic pain was present in 92 (46%). The average age of the 92 patients (67 women vs 25 men, p = 0.04) was 55.5 ± 12.4 years (women 55.2 ± 12.8 vs. men 54.6 ± 11.4, p = 0.5). The characteristics of neuropathic pain mainly found were: burning sensation (n = 67, 72.8%); electrical discharges (n = 64, 69.6%); tingling (n = 90; 97.8%); tickling (n = 57; 62%); numbness (n = 89; 96.7%); hypoesthesia (n = 52; 56.5%). Factors significantly associated with the presence of neuropathic pain in LBP were age (p = 0.005), duration of LBP (p = 0.04), high blood pressure (p = 0.001), radicular pain (p = 0.00002) and the past history of the LBP (0.000000). Conclusion: Neuropathic pain is common in patients with LBP at Lome. The duration of LBP, past history of LBP, previous NSAID use, BMI, pain severity and radicular pain appear to be predictive of the occurrence of these neuropathic pains.

The Correlation of Peripheral Blood Eosinophils with Allergic Nasal Polyps

2021 ◽  
Vol 15 (11) ◽  
pp. 2926-2927
Author(s):  
Zertaj Kashif ◽  
Tooba Fateen ◽  
H. Tufail Chaudhary ◽  
Sehar S. Ali ◽  
M. Bilal Pasha ◽  
...  
Keyword(s):  
Peripheral Blood ◽  
Eosinophil Count ◽  
Nasal Polyps ◽  
Past History ◽  
Cross Sectional Study ◽  
Blood Eosinophil ◽  
Cross Sectional ◽  
Peripheral Blood Eosinophil ◽  
Dental Hospital ◽  
History Of

Aim: To observe the association of peripheral blood eosinophil percentage in patients with allergic nasal polyps. Design: Descriptive cross-sectional study Place and duration: Pathology Department of Bakhtawar Amin Medical & Dental Hospital, Multan from September 2020 to August 2021. Methodology: Blood samples of all the cases operated for nasal polyps in Bakhtawar Amin Trust Institute are drawn before surgery to look for eosinophils. Family and past history of allergy is recorded. Histopathology of all the operated specimen of nasal polyps is done and sample for eosinophil count is collected again in cases that proved to be allergic nasal polyps on microscopic examination to look for any alteration in eosinophil percentage in blood on excision of polyps. Results: Twenty nine out of forty (72.5) percent of patients with allergic nasal polyps reveal increase in peripheral blood eosinophil percentage that returned to normal in 26(65%) patient on excision of nasal polyps. Conclusion: The study disclosed a notable link between allergic nasal polyps and peripheral blood eosinophil percentage and this association is further enhanced by the fact that the blood eosinophil count returned to normal on removal of nasal polyps. Keywords: Allergic nasal polyps, peripheral blood eosinophilia, eosinophil count, atopy

Effect of Audit Expectation Gap in Nigerian Capital Market

2014 ◽  
Vol 1 (1) ◽  
pp. 294 ◽  
Author(s):  
Paul N. Onulaka
Keyword(s):  
Capital Market ◽  
Negative Impact ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Cross Sectional Survey ◽  
Chi Square ◽  
Cross Sectional ◽  
The Public ◽  
Expectation Gap ◽  
The Relationship

Audit expectation gap is a phenomenon that presently attracts the attention of researchers all over the world. The basic problem is in the area of how the public perceives the role of the auditor, which in most cases centers on the prevention of fraud and irregularities. On the other hand the auditor and the auditing profession always exonerate themselves from the fact and perception of the public towards their work. However, the continued litigation against the auditor and the auditing profession has called on a rethink on the relationship of the auditor and the audit work he performs This paper is structured to briefly establish what auditing and its expectations gap is and the relationship audited financial statement has on capital market and to investigate if the identified gaps have any significant effect in the volume of transactions in the Nigerian capital market.It sought to establish the perception of the capital market operators on its existence. Respondents view was also sought on how the gap could be narrowed. Chi-square (χ2) was used to analyze the data obtained from the study. The data were obtained through questionnaire. Two hundred and ninety (290) copies of the instrument were found useful out of 350 copies distributed using purposive sampling technique. In this study, a cross-sectional survey was conducted in Lagos and Abuja stock Exchange to capture the perceptions of key users of financial statements in Nigerian capital market. The tests of hypothesis were done using Microsoft Excel 2010 version. Tests were carried out at a significant level of 5% and twelve degree of freedom. The findings of the study indicated that there is a wide expectation gap in the areas of auditors’ responsibility for fraud prevention and detection. Audit expectation gap has negative impact on the volume of transactions in Nigerian stock exchange.

scholarly journals Interdependence and Risk Comparison of Slovak, Hungarian and Polish Stock Markets: Policy and Managerial Implications

2019 ◽  
Vol 69 (2) ◽  
pp. 273-287 ◽  
Author(s):  
Florin Aliu ◽  
Besnik Krasniqi ◽  
Adriana Knapkova ◽  
Fisnik Aliu
Keyword(s):  
Stock Market ◽  
Stock Prices ◽  
Stock Markets ◽  
Stock Exchange ◽  
Weighted Average ◽  
Stock Index ◽  
Risk Level ◽  
Average Return ◽  
Monetary System ◽  
Managerial Implications

Risk captured through the volatility of stock markets stands as the essential concern for financial investors. The financial crisis of 2008 demonstrated that stock markets are highly integrated. Slovakia, Hungary and Poland went through identical centralist economic arrangement, but nowadays operate under diverse stock markets, monetary system and tax structure. The study aims to measure the risk level of the Slovak Stock Market (SAX index), Budapest Stock Exchange (BUX index) and Poland Stock Market (WIG20 index) based on the portfolio diversification model. Results of the study provide information on the diversification benefits generated when SAX, BUX and WIG20 join their stock markets. The study considers that each stock index represents an independent portfolio. Portfolios are built to stand on the available companies that are listed on each stock index from 2007 till 2017. The results of the study show that BUX generates the lowest risk and highest weighted average return. In contrast, SAX is the riskiest portfolio but generates the lowest weighted average return. The results find that the stock prices of BUX have larger positive correlation than the stock prices of SAX. Moreover, the highest diversification benefits are realized when Portfolio SAX joins Portfolio BUX and the lowest diversification benefits are achieved when SAX joins WIG20.

What Matters from the Past: Market Value, Book Value, or Earnings? Earnings Valuation and Sufficient Statistics for Prior Information

1992 ◽  
Vol 7 (4) ◽  
pp. 423-464 ◽  
Author(s):  
Ram T.S. Ramakrishnan ◽  
Jacob K. Thomas
Keyword(s):  
Stock Prices ◽  
Time Series Data ◽  
Explanatory Power ◽  
Weighted Average ◽  
Market Value ◽  
Series Data ◽  
Cross Sectional ◽  
Sufficient Statistics ◽  
Book Value ◽  
Value Model

A number of recent analytical and empirical papers seek to identify the variables that best explain stock prices. We derive the relation between prices and earnings for three one-parameter “excess earnings” evolution processes that describe three different ways in which current period shocks to earnings persist in future. In each case, we show that price is a weighted average of capitalized current earnings and a sufficient statistic for all past information. The sufficient statistics are three amounts from last year: book value, market value, and capitalized earnings. Using time-series data over the 1969-1988 period for a sample of 511 firms, we estimate firm-specific excess earnings regressions and price regressions for the three cases. Although the book value model provides the best fit for a majority of firms for the excess earnings regressions, the market value model is far superior for the price regressions. We argue that this latter result is due to prior period price (included in the market value model alone), reflecting other information that is not explicitly modeled here. Despite this bias in favor of the market value model for the price regressions, we find a positive cross-sectional association between the relative explanatory power of the three models in the excess earnings regressions and the corresponding relative explanatory power in the price regressions. That is, if a firm's excess earnings series is best described by a particular model, its price series is also likely to be best described by the valuation relation derived from the same model.

Terrorism and Stock Market Linkages: An Empirical Study from a Front-line State

2017 ◽  
Vol 18 (2) ◽  
pp. 365-378 ◽  
Author(s):  
Imtiaz Arif ◽  
Tahir Suleman
Keyword(s):  
Stock Prices ◽  
Stock Price ◽  
Time Series Data ◽  
Negative Impact ◽  
Stock Exchange ◽  
Series Data ◽  
Front Line ◽  
Long Run ◽  
Factor Index ◽  
The Impact

This article investigates the impact of prolonged terrorist activities on stock prices of different sectors listed in the Karachi Stock Exchange (KSE) by using the newly developed terrorism impact factor index with lingering effect (TIFL) and monthly time series data from 2002 (January) to 2011 (December). Johansen and Juselius (JJ) cointegration revealed a long-run relationship between terrorism and stock price. Normalized cointegration vectors are used to test the effect of terrorism on stock price. Results demonstrate a significantly mixed positive and negative impact of prolonged terrorism on stock prices of different sectors and show that the market has not become insensitive to the prolonged terrorist attacks.

scholarly journals Supplement Usage Pattern in a Group of COVID- 19 Patients in Tehran

2020 ◽  
Author(s):  
Maryam Bagheri ◽  
Fedyeh Haghollahi ◽  
Mamak Shariat ◽  
Mina Jafarabadi ◽  
Parastoo Aryamloo ◽  
...  
Keyword(s):  
Vitamin D3 ◽  
Past History ◽  
Clinical Signs ◽  
Clinical Findings ◽  
Usage Pattern ◽  
Cross Sectional ◽  
Outpatient Group ◽  
Significant Difference ◽  
Supplement Usage ◽  
History Of

Objective: The coronavirus disease 19 (COVID-19) is a highly transmittable and pathogenic viral infection, causes severe acute respiratory syndrome and was spread throughout the world in early 2020. The effects of vitamin and micronutrient supplements on the prevention and treatment of COVID- 19 seems challenging in scientific considerations. On the other side generally, experts warn against over-consumption of these supplements. Materials and methods: This study aimed to investigate the vitamin and micronutrient supplementation usage pattern in past history of patients with COVID-19 via a cross-sectional inquiry. Totally 510 patients referring to the infectious disease clinic of Imam Khomeini Hospital in Tehran from March 2020 to May 2020 were recruited. The inclusion criterion was suspected patients for COVID-19 based on clinical findings and CT scans of the lung. The infected patients included both inpatients (171) and outpatients (339). Demographic information, clinical signs, and the supplement pattern use were collected through a questionnaire and the data were statistically analyzed. Results: Vitamin D3 intake was reported in 30% (103 patients) of outpatients and 16.5% (28 patients) of hospitalized patients, which is statistically significant (P=0.001). It shows that, the frequency of vitamin D3 consumption in the outpatient group was higher than inpatient group. This significant difference has also been shown in zinc consumption, in 29 patients (9%) outpatients versus 4 patients (2%) inpatients were reported (P=0.007). Multi nominal regression showed that vitamin D3 intake has a supportive effect and reduces the risk of exacerbation and worsening of the disease. (OR=0.291; 95% CI 0.102-.0834, P=0.022). Conclusion: According to the results of the present study and the findings of other studies, considering the supportive effect of vitamin D3 in reducing the severity of infectious diseases; Clinical trials with an appropriate sample size are recommended to investigate the functional role of this vitamin in improving viral diseases of the respiratory tract.

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