Fuzzy logic neural network based growth enterprise market analysis for registration-based IPO system

2021 ◽  
pp. 1-11
Author(s):  
Ruihang Shen
Keyword(s):  
Neural Network ◽  
Fuzzy Logic ◽  
Information Asymmetry ◽  
Stock Price ◽  
Negative Impact ◽  
Real Life ◽  
Market Analysis ◽  
Chinese Stock Market ◽  
Growth Enterprise Market ◽  
The Impact

In real life, the stock price is always easy to be mispriced after listing, too high or too low. There are numerous reasons behind mispricing. Many scholars believe that the information asymmetry is one of them. In an inefficient market, the information asymmetry is bound to exist and be very high. In order to investigate the impact of registration-based IPO system reforms in mispricing, this paper takes the GEM market as an example to analyze the impact of the GEM market on mispricing. And we proposed a method with fuzzy logic neural network for Growth Enterprise Market analysis for IPO system. After processing data, we use ARIMA and EGARCH model to find the results. The immaturity will result in the negative impact caused by reformation, which will deviate from the goal that makes Chinese stock market become better.

scholarly journals The impact of the COVID-19 outbreak on Chinese-listed tourism stocks

2021 ◽  
Vol 7 (1) ◽  
Author(s):  
Wenmin Wu ◽  
Chien-Chiang Lee ◽  
Wenwu Xing ◽  
Shan-Ju Ho
Keyword(s):  
Stock Returns ◽  
Cultural Differences ◽  
Stock Price ◽  
Negative Impact ◽  
Tourism Industry ◽  
Regression Analyses ◽  
Short Term ◽  
Tourism Sector ◽  
Event Study Method ◽  
The Impact

AbstractThis research explored the effects of the coronavirus disease (COVID-19) outbreak on stock price movements of China’s tourism industry by using an event study method. The results showed that the crisis negatively impacted tourism sector stocks. Further quantile regression analyses supported the non-linear relationship between the government’s responses and stock returns. The results present that the resurgence of the virus in Beijing did bring about a short-term negative impact on the tourism industry. The empirical results can be used for future researchers to conduct a comparative study of cultural differences concerning government responses to the COVID-19.

scholarly journals Volatility Degree Forecasting of Stock Market by Stochastic Time Strength Neural Network

2013 ◽  
Vol 2013 ◽  
pp. 1-11 ◽  
Author(s):  
Haiyan Mo ◽  
Jun Wang
Keyword(s):  
Neural Network ◽  
Stock Market ◽  
Stock Price ◽  
Strength Function ◽  
Global Market ◽  
Chinese Stock Market ◽  
Backpropagation Neural Network ◽  
Time Strength ◽  
Market Indexes ◽  
Stochastic Time

In view of the applications of artificial neural networks in economic and financial forecasting, a stochastic time strength function is introduced in the backpropagation neural network model to predict the fluctuations of stock price changes. In this model, stochastic time strength function gives a weight for each historical datum and makes the model have the effect of random movement, and then we investigate and forecast the behavior of volatility degrees of returns for the Chinese stock market indexes and some global market indexes. The empirical research is performed in testing the prediction effect of SSE, SZSE, HSI, DJIA, IXIC, and S&P 500 with different selected volatility degrees in the established model.

Does negative information in MD&A can reduce stock crash risk?

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Jianmai Liu
Keyword(s):  
Information Asymmetry ◽  
Information Disclosure ◽  
Stock Price ◽  
Negative Information ◽  
Bad News ◽  
Practical Significance ◽  
Crash Risk ◽  
Content Type ◽  
The Impact

Purpose As an important part of the disclosure of listed companies' annual reports, MD&A will disclose some "bad news" about the company. The purpose of this paper is to study whether such "bad news" can reduce information asymmetry and alleviate the risk of stock price crash remains to be seen. Design/methodology/approach Based on the sample of A-share listed companies from 2007 to 2016, the authors examine whether the negative information in MD&A could reduce stock price crash risk. Findings It is found that the negative information in MD&A does not reduce future crash, which indicates that the negative information in MD&A does not alleviate the information asymmetry. Further, it is also found this is due to the low readability of negative information which leads to the negative information not successfully released into the market timely. Only highly readable negative information can alleviate information asymmetry and suppress crash risk. In addition, the authors also find in the companies with more investor surveys negative tone is negatively correlated with crash risk, which means that investor surveys could help investors interpret the negative information in MD&A and alleviate stock price crash risk. Practical implications The practical significance of this article: this paper suggests that investors should carefully identify the quality of negative information in MD&A and pay attention to other quality characteristics besides credibility. This paper suggests that the regulator should pay attention not only to whether to disclose and the amount of disclosure but also to the quality of information disclosure, such as readability, so as to restrict management's strategic behavior in information disclosure. Originality/value First, different from previous studies on the impact of information disclosure on crash risk, this paper directly explores the impact of information in MD&A on stock price crash risk from the perspective of negative information disclosure that management most want to hide. It supplements the literature on the impact of information disclosure on stock price crash risk. Second, this paper studies the interaction between information tone and readability and its impact on the risk of stock price crash. Some studies believe that the credibility of negative news is higher and investors' reaction may be stronger. However, this paper finds that the disclosure of negative information may not be absorbed by the market because of the low readability. Third, this paper finds that investor surveys can help information users to interpret negative information and alleviate the risk of stock price crash, which shows that information disclosure of different channels will complement each other and improve information efficiency. Therefore, it advocates different information disclosure channels which has important practical significance for improving market pricing efficiency and reducing investment decision-making risk.

scholarly journals Causal Relation Between Stock Market Performance and Firm Investment in China: Mediating Role of Information Asymmetry

SAGE Open ◽  
2019 ◽  
Vol 9 (4) ◽  
pp. 215824401988514
Author(s):  
Ghulam Hussain Khan Zaigham ◽  
Xiangning Wang ◽  
Haji Suleman Ali
Keyword(s):  
Information Asymmetry ◽  
Stock Prices ◽  
Stock Price ◽  
Stock Exchange ◽  
Causal Relation ◽  
Negative Relationship ◽  
Manufacturing Firms ◽  
Price Performance ◽  
Stock Market Performance ◽  
The Impact

The main objectives of this study are to examine the impact of stock price performance on firm’s investment and to investigate the counter impact of changes in investment expenditures on stock price performance. The random effects model was applied on the panel data of Chinese manufacturing firms listed at the Shanghai Stock Exchange and the Shenzhen Stock Exchange during the period 2002 to 2016. The sample contains 398 firms with 5,970 observations. Although there is a statistically significant and negative relationship between stock price and investment expenditures, the impact of stock price on investment expenditures is far greater than that of investment expenditures on stock price. Information asymmetry positively mediates both investment sensitivity to stock prices and stock prices sensitivity to investment. This study is a valuable contribution toward the analysis of investment decision making by manufacturing firms in China. It also provides guidelines for investors to assess the informational status of the capital market before making investment decisions and to comprehensively understand the different decisions made by firms with regard to the issue of new stocks and the indirect information attached with such issues.

scholarly journals How Do Corporate Social Responsibility and Corporate Governance Affect Stock Price Crash Risk?

2020 ◽  
Vol 13 (2) ◽  
pp. 30 ◽  
Author(s):  
Ahmed Imran Hunjra ◽  
Rashid Mehmood ◽  
Tahar Tayachi
Keyword(s):  
Corporate Governance ◽  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Stock Price ◽  
Negative Impact ◽  
Positive Impact ◽  
Generalized Method Of Moments ◽  
Crash Risk ◽  
Corporate Social ◽  
The Impact

We investigate the impact of corporate social responsibility (CSR) and corporate governance on stock price crash risk in manufacturing sector of India and Pakistan. We collect data of nine years from 2010 to 2018 from DataStream of 353 manufacturing firms. We apply the Generalized Method of Moments (GMM) to the analysis of the data. We find that when firms actively engage in CSR activities, they lead to reduced stock price crash risk. We further find that managerial ownership has a significant positive impact on stock price crash risk, while board size and CEO duality show a significant and negative impact on stock price crash risk.

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.

The impact of Iran Central Bank’s sanction on Tehran Stock Exchange

2017 ◽  
Vol 59 (3) ◽  
pp. 365-375 ◽  
Author(s):  
Mahdi Salehi ◽  
Mostafa Karimzadeh ◽  
Navid Paydarmanesh
Keyword(s):  
Central Bank ◽  
Stock Price ◽  
Negative Impact ◽  
Stock Exchange ◽  
Oil Prices ◽  
Content Type ◽  
Distributed Lag ◽  
Long Run ◽  
The Impact ◽  
Positive Effect

Purpose US sanctions have been a major feature of US Iran policy since Iran’s 1979 Islamic revolution, but the imposition of UN and worldwide bilateral sanctions on Iran that began in 2006 and increased dramatically as of 2010 is recent by comparison. The objectives of US sanctions have evolved over time. Broad international sanctions imposed on Iran harmed Iran’s economy and contributed to Iran’s acceptance of agreements that exchange constraints on its nuclear program for sanctions relief. The subject of this study is important because both Iran and the international communities are demanding for information about the effect of sanctions on Iran. In an international and regional perspective, it seems that sanctions have a negative impact on economic, social and even political status of Iran. Therefore, this paper aims to examine the impact of Iran Central Bank sanction on Tehran Stock Exchange as on December 31, 2011. Design/methodology/approach Variables of model are consisted by exchange rate, oil prices and Tehran Stock Exchange Price Index (TEPIX) from October 2, 2011 to March 29, 2012, which is offered daily. To analyze the model, the authors used Johansen–Juselius and Autoregressive Distributed Lag (ARDL) methods. Findings The results indicate that there is a long-run equilibrium relationship between selected variables as oil prices, and exchange rates have a positive effect on the TEPIX. In other words, the results of the econometric estimation show the positive effect of the Iran Central Bank sanction on the TEPIX. Thus, because of economic sanctions imposed by the Western countries, Tehran Stock Exchange has been growing. Originality/value No empirical research exists that examines the impact of sanctions on stock price in developing countries. This study fills this gap by examining the links between sanctions and stock price in Iran.

scholarly journals Investor Sentiment and Stock Price Crash Risk in the Chinese Stock Market

2021 ◽  
Vol 2021 ◽  
pp. 1-10
Author(s):  
Binghui Wu ◽  
Yuanman Cai ◽  
Mengjiao Zhang
Keyword(s):  
Comparative Analysis ◽  
Stock Market ◽  
Stock Price ◽  
Stock Exchange ◽  
Investor Sentiment ◽  
Crash Risk ◽  
Research Approach ◽  
Chinese Stock Market ◽  
The Impact ◽  
A Share

This paper uses the partial least squares method to construct the investor sentiment index in Chinese stock market. The Shanghai Stock Exchange 180 Index and the Shenzhen Stock Exchange 100 Index are used as samples. From the perspectives of holistic sentiment and heterogeneous sentiment, this paper studies the impact of investor sentiment on stock price crash risk. The results show that investor sentiment can significantly affect stock price crash risk in Shanghai and Shenzhen A-share markets, especially in the Shenzhen A-share market no matter from which perspective. And investor pessimism has a greater impact on stock price crash risk in the Shenzhen A-share market from the perspective of heterogeneous sentiment. Compared with the available researches, this paper makes two contributions: (i) the comparative analysis is adopted to discuss the differences between Shanghai and Shenzhen A-share markets, abandoning the research approach that takes the two markets as a whole in existing literature, and (ii) this paper not only studies the impact of investor holistic sentiment on stock price crash risk from a macro perspective, but also adds a more micro heterogeneous sentiment and conducts a comparative analysis.

Can microblogging information disclosure reduce stock price synchronicity? Evidence from China

2018 ◽  
Vol 44 (2) ◽  
pp. 282-305 ◽  
Author(s):  
Donghua Zhou ◽  
Yujie Zhao ◽  
Philip T Lin ◽  
Bin Li ◽  
Adrian (Waikong) Cheung
Keyword(s):  
Stock Prices ◽  
Information Disclosure ◽  
Stock Price ◽  
Negative Relationship ◽  
Jel Classification ◽  
Specific Information ◽  
Chinese Stock Market ◽  
Stock Price Synchronicity ◽  
Alternative Measures ◽  
The Impact

We study the relationship between stock price synchronicity and information disclosure of firms listed in the Chinese stock market, using hand-collected data on firms’ official microblogging content in Sina Weibo, a popular microblogging service in China. We find that after controlling for the impact of traditional media, the number of Weibo tweets is related negatively to stock price synchronicity, indicating that stock prices incorporate firm-specific information disclosed in the firm’s official Weibo. Number of microblogging fans can strengthen this negative relationship. Our result is robust to alternative measures of stock price synchronicity, microblogging information disclosure, and to endogeneity issues. JEL Classification: G14, G15

scholarly journals Impact of the COVID-19 Pandemic on Ophthalmology Residency Training in Portugal

2020 ◽  
Vol 33 (10) ◽  
pp. 640 ◽  
Author(s):  
Nisa Silva ◽  
Rita Laiginhas ◽  
Angelina Meireles ◽  
João Barbosa Breda
Keyword(s):  
Residency Training ◽  
Surgical Procedures ◽  
Negative Impact ◽  
Significant Proportion ◽  
Real Life ◽  
International Perspective ◽  
Outpatient Visits ◽  
Descriptive Survey ◽  
Quality Learning ◽  
The Impact

Introduction: The purpose of this study was to provide objective and real-life data concerning the impact of the COVID-19 pandemicon ophthalmology residency training in Portugal.Material and Methods: Descriptive survey-based study applied to current Portuguese ophthalmology residents (n = 80 eligible).Results: Seventy-five residents participated (94% response rate). All except one (99%) admitted a change in their routine clinical practice during the pandemic, and most (89%) continued to be engaged in ophthalmology department duties. Twenty-five percent were deployed to COVID-19 units, which was combined with ophthalmological activities in about half of them (47%). A significant proportion of participants stated that they were enrolled in the following ophthalmological activities: emergency/inpatient care (87%), outpatient visits (73%; general 70% vs subspecialty 29%), and surgical procedures (64%). Twenty-five percent did not assist in any outpatient visits and 36% did not participate in any surgical procedures. On a scale from 1 (no impact) to 5 (maximum impact), most participants classified their perceived negative impact of the pandemic on the training program as 3 (24%), 4 (40%), or 5 (27%). Participants highly agreed with the extension of the residency program (80%) in order to to make up for training disruption.Discussion: Most trainees provided ophthalmological care during the pandemic. However, those clinical activities were essentially related to general and emergency care. Surgical experience was significantly curtailed. As such, strategies are needed to guarantee a high-quality learning process. Further studies are required to develop an international perspective on how ophthalmology training programs have been affected so that educational organizations can make recommendations regarding standardized adjustments to training programs.Conclusion: The COVID-19 pandemic has significantly impacted the training of ophthalmology residents nationwide.

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