scholarly journals The Information Conveyed in a SPAC′s Offering

Entropy ◽  
2021 ◽  
Vol 23 (9) ◽  
pp. 1215
Author(s):  
Gil Cohen ◽  
Mahmoud Qadan
Keyword(s):  
Information Model ◽  
Entire Period ◽  
Share Price ◽  
Excess Returns ◽  
Short Term ◽  
Special Purpose Acquisition Companies ◽  
Public Offer

The popularity of SPACs (Special Purpose Acquisition Companies) has grown dramatically in recent years as a substitute for the traditional IPO (Initial Public Offer). We modeled the average annual return for SPAC investors and found that this financial tool produced an annual return of 17.3%. We then constructed an information model that examined a SPAC′s excess returns during the 60 days after a potential merger or acquisition had been announced. We found that the announcement had a major impact on the SPAC’s share price over the 60 days, delivering on average 0.69% daily excess returns over the IPO portfolio and 31.6% cumulative excess returns for the entire period. Relative to IPOs, the cumulative excess returns of SPACs rose dramatically in the next few days after the potential merger or acquisition announcement until the 26th day. They then declined but rose again until the 48th day after the announcement. Finally, the SPAC’s structure reduced the investors’ risk. Thus, if investors buy a SPAC stock immediately after a potential merger or acquisition has been announced and hold it for 48 days, they can reap substantial short-term returns.

العلاقة التبادلية بين سعر الصرف وأسعار الأسهم دراسة تطبيقية في سوق اسطنبول للأوراق المالية للمدة 2005-2020

2021 ◽  
Vol 1 (1) ◽  
Author(s):  
سعدالله ألنعيمي
Keyword(s):  
Exchange Rate ◽  
Stock Prices ◽  
Negative Impact ◽  
Reciprocal Relationship ◽  
Nominal Exchange Rate ◽  
Share Price ◽  
Theoretical Interpretation ◽  
Short Term ◽  
The Exchange Rate

The study aims to analyzing the reciprocal relationship between the nominal exchange rate of the Turkish lira versus the U.S. dollar and the stock prices of the companies listed on the Istanbul Stock Exchange (ISE) expressed in the general market index for the period from 2005 to 2020 with 192 monthly observations, based on the traditional theory and the theory of portfolio balance model in theoretical interpretation for that relationship, aiming to identify the effect of the exchange rate on stock prices, as well as to analyze the causal relationship between those variables and to identify which of them is the cause or which is the result, using the Autoregressive Distributed Lag (ARDL) model. The research found that the exchange rate has a positive effect on stock prices in the long term, despite the emergence of the negative impact in the short term, but the long-term relationship has corrected the course of the short-term relationship with a time period not exceeding one month, in addition to proving that this relationship takes one direction. From the exchange rate towards stock prices, that is, the exchange rate is the reason and stock prices are the result, therefore the results of this research helps investors to predict future trends of stock prices depending on the exchange rate changes, and it also enables the companies, especially those with foreign transactions, to manage price risks the exchange rate in order to avoid its negative impact on its share price, as it represents an obstacle to achieving its main goal of maximizing the share price

Territorial Politics, Regionalism and England

2021 ◽  
pp. 241-272
Author(s):  
Jonathan Bradbury
Keyword(s):  
Policy Process ◽  
Central Government ◽  
Entire Period ◽  
Short Term ◽  
Local Elite ◽  
British Labour ◽  
Territorial Politics ◽  
Identity Based ◽  
The 1960S ◽  
The Uk

This chapter addresses the reform of government in England over the entire period between 1997 and 2007. First, the chapter considers the nature of the territorial strain, problem and resources for change present in England. Second, the chapter considers peripheral elite leadership in England — whether through intermediate English elite or English regional elite leadership — and the codes, strategies and goals pursued. It explores further the thesis that movements for territorial change also in England adopted indirect instrumental cases for territorial reform rather than direct identity-based ones, emphasising functional arguments and the development of institutional mechanisms for gradual decentralisation, rather than major root and branch reform. Third, the chapter analyses the approach of UK central government, and in particular that of the British Labour leadership both in opposition before 1997 and in government afterwards. Here, we should note that Bulpitt suggested that the English governing code had tended to parallel the indirect local elite assimilation approach used territorially in the rest of the UK. Nevertheless, under modernisation projects since the 1960s, including those of the Thatcher–Major governments, the overall government strategy was a promotional one, often requiring direct central intervention in the short term to realise central governing projects. Finally, the chapter assesses the policy process by which English reform was developed, the extent to which it may be seen as effective and legitimate, and judged as successful or not in sustaining a new centre.

scholarly journals Contemporary financial reporting and intangible resources: Implications for corporate governance

2019 ◽  
Vol 3 (1) ◽  
pp. 39-47 ◽  
Author(s):  
Hugh Grove ◽  
Mac Clouse
Keyword(s):  
Corporate Governance ◽  
Financial Reporting ◽  
Boards Of Directors ◽  
Brand Names ◽  
Share Price ◽  
Short Term ◽  
Wall Street ◽  
Intangible Resources ◽  
Corporate Executives ◽  
Global Brand

The key question of this paper is what are the implications for corporate governance from the emergence of contemporary financial reporting and intangible resources? Going beyond traditional financial reporting, Boards of Directors and corporate executives should investigate the intangible resources of contemporary financial reporting. What intangible resources are causing the huge price to earnings (PE) ratio gap and the huge market to book (M/B) ratio gap for their companies? Possibly such gaps are driven by global brand names, global licensing, customer loyalty, product quality, and product innovation. Unfortunately, the short-term focus upon traditional financial reporting by both Wall Street and corporate executives to “make the numbers”, i.e. short-term (quarterly), predicted numbers, has damaged firms’ competitiveness. Such damages include postponing or cutting expenditures on emerging technologies, advertising, research and development, employee training, and maintenance expenses. Research has shown that such earnings management techniques are relatively futile efforts since a consensus earnings miss by a company generally produces an insignificant 1.5% to 2% share price drop. Boards of Directors should inform corporate executives accordingly. To offer solutions to these issues and implications for corporate governance, this paper is divided into the following sections: the emergence of contemporary financial reporting; asset value migration: the power of intangibles; top five future business value drivers: all intangibles; forward looking measures for intangible resources; market gaps: “old economy” versus “new economy” companies; global brands and global licensing; hidden intangible values made visible; international perspectives on contemporary financial reporting; and conclusions.

scholarly journals Relevancy of Corporate Financial Policies and the Profit Maximization View of Islamic Banks

2012 ◽  
Vol 3 (6) ◽  
pp. 184-193 ◽  
Author(s):  
John Taskinsoy
Keyword(s):  
Agency Theory ◽  
Profit Maximization ◽  
Share Price ◽  
Financial Policy ◽  
Islamic Banks ◽  
Short Term ◽  
Financial Policies ◽  
Policy Conflicts ◽  
Banking Institutions ◽  
Controversial Nature

This paper examines relevancy of corporate financial policies and documents similarities and/or differences of how profit maximization goal is viewed by Islamic banking institutions (IBIs). Management of the firm is ultimately responsible for maximizing profits and increasing shareholder value, however this challenging task may get plagued by agency problems as well corporate financial policy conflicts. Agency problem is real and it is assumed to occur in most companies worldwide. However, the theory’s controversial nature and its narrow focus have not really convinced many scholars whether agency theory in fact provides any broad benefits to firm’s stakeholders or not. Scholars seem to be divided into two camps on agency theory. Some authors think that agency theory pays too much attention to short-term goal of share price valuation and it hardly provides any real answers to firm’s real problems. On the other hand, some proponents of this theory believe agency theory’s useful impact on capital markets.

scholarly journals Technical trading revisited: evidence from the Asian stock markets

2014 ◽  
Vol 11 (2) ◽  
pp. 511-532 ◽  
Author(s):  
Thorben Lubnau ◽  
Neda Todorova
Keyword(s):  
Transaction Costs ◽  
Moving Average ◽  
Predictive Ability ◽  
Excess Returns ◽  
Short Term ◽  
Technical Trading ◽  
Developed Markets ◽  
Stock Indices ◽  
Bootstrap Tests

We examine the forecasting power and profitability of moving average (MA) and trading range break (TRB) rules for the daily prices of ten Asian stock indices from January 1990 to September 2012 using bootstrap tests. The results confirm the predictive ability of MA rules whereas the picture uncovered by the TRB rules is more mixed. The MA rules consistently generate positive excess returns after transaction costs, with highest magnitudes often achieved for less developed markets. However, more developed markets surprisingly seem to be far from informationally efficient as well. Furthermore, short-term variants of the trading rules outperform systematically long-term variants.

scholarly journals Implementasi Long Short-Term Memory Pada Harga Saham Perusahaan Perkebunan Di Indonesia

2020 ◽  
Vol 6 (01) ◽  
pp. 9-18
Author(s):  
Rahmadi Yotenka ◽  
Fazano Fikri El Huda
Keyword(s):  
Stock Prices ◽  
Short Term Memory ◽  
Commodity Price ◽  
Share Price ◽  
Short Term ◽  
Term Memory ◽  
Price Fluctuations ◽  
Climate Forecasting ◽  
Long Short Term Memory ◽  
Hidden Neurons

  The decline and increase in the price of shares of plantation companies is a problem for investors in making decisions to buy or sell shares. Factors influencing the movement of plantation stock prices include CPO commodity price fluctuations, world oil price fluctuations, Rupiah exchange rate fluctuations, government regulations and policies, demands from importing countries, and climate. Forecasting stock prices is expected to help investors to deal with uncertainty in the movement of plantation stock prices. This study applies the Long Short-Term Memory (LSTM) to predict the stock prices of plantation companies using SSMS, LSIP, and SIMP share price data from the period 1 July 2014 - 22 July 2019. Based on the results of the study it was found that the best LSTM model on SSMS shares by using the RMSProp optimizer and 70 hidden neurons produced an RMSE value of 21,328. Then the best LSTM model on LSIP stock by using Adam optimizer and 80 hidden neurons produces an RMSE value of 33,097. Whereas the best LSTM model on SIMP shares using Adamax optimizer and 100 hidden neurons produced an RMSE value of 8,3337.    

scholarly journals The Impact of Long-and Short-Term Strontium Treatment on Metabolites and Minerals in Glycine max

Molecules ◽  
2019 ◽  
Vol 24 (21) ◽  
pp. 3825 ◽  
Author(s):  
Hanaka ◽  
Dresler ◽  
Wójciak-Kosior ◽  
Strzemski ◽  
Kováčik ◽  
...  
Keyword(s):  
Glycine Max ◽  
Chlorophyll Content ◽  
Entire Period ◽  
Short Term ◽  
Short Term Exposure ◽  
Applied Dose ◽  
The Impact

The impact of long-term exposure to Sr2+ (LTE, four doses, 43.5 mg Sr2+ per pot, with a total of 174 mg Sr2+ per pot during the entire period of cultivation) and short-term exposure to Sr2+ (STE, one dose, 870 mg Sr2+ per pot four days before harvest) on the content of phytoestrogens and allantoin in soybeans were compared. Sr2+ accumulation, the effect on the concentration of macroelements, and basic physiology were also analyzed. LTE reduced the content of malonyldaidzin and malonylgenistin in the roots (58% and 50% compared to the control, respectively). STE increased the amount of all isoflavones in the stem and genistein in the leaves and decreased the content of malonyldaidzin and malonylgenistin in the leaves (55% and 48% compared to the control, respectively) and roots (69% and 62% of the control, respectively) as well as genistein and coumestrol in the roots (both 50% compared to the control). Sr2+ presence stimulated the accumulation of allantoin in the roots (three-fold higher than in the control), but only STE had similar effects on the shoots. In contrast to LTE, Sr2+ was transported extensively from the roots to the leaves under STE. In comparison to the control, LTE resulted in an increase in the Ca content in the stem by 36%, whereas Ca2+ accumulation in the leaves, stems, and roots increased by 60%, 80%, and 36%, respectively, under STE. Additionally, a significant accumulation of K was found only in the roots of the LTE group. The chlorophyll content did not differ between the treatments. Overall, the production of phytoestrogens and Sr accumulation were affected by both the applied dose and the duration of exposure to Sr.

Presidential parties, monetary regimes, and health care returns

2015 ◽  
Vol 41 (10) ◽  
pp. 1059-1076 ◽  
Author(s):  
Jeffery Scott Bredthauer ◽  
Brian C. Payne ◽  
Jiri Tresl ◽  
Gordon V. Karels
Keyword(s):  
Health Care ◽  
Monetary Policy ◽  
Political Party ◽  
Health Care Industry ◽  
Entire Period ◽  
Excess Returns ◽  
Policy Regime ◽  
Content Type ◽  
Care Industry ◽  
The Us

Purpose – The purpose of this paper is to investigate the absolute and risk-adjusted stock return performance of the US health care industry conditional upon the presidential administration’s political party and the Federal Reserve’s monetary policy stance. It evaluates this return behavior across the 60-year time period from 1954 to 2013, and sub-divides this entire period into the pre-Medicare period (1954-1964), Medicare period (1965-1984), and Medicare-plus-high-health-care-inflation period (1985-2013). Design/methodology/approach – The study uses monthly returns to the health care industry and overall market, characterizing each sample month as either having a Republican or Democratic president and either a contractionary or expansionary monetary policy regime determined by whether the Federal Reserve is increasing or decreasing interest rates, respectively. It incorporates univariate and multivariate analysis to quantify the return behavior of both the health care industry and the overall market during the entire period and all three sub-periods. Additionally, it utilizes a common four-factor multivariate regression model and associated hypothesis testing to characterize risk-adjusted excess returns (i.e. α) to the health care industry during the entire period and all three sub-periods. Findings – The health care industry has earned robust, positive risk-adjusted returns with the magnitude of the returns sensitive to the political party of the administration and the monetary policy regime. The authors find that prior to 1965 (1954-1964), when the president was a Republican, during times of monetary contraction, health care earned an excess risk-adjusted return. There was no association between Democratic administrations and excess health care returns prior to 1965. In contrast, the authors find that after 1965 this relationship changes. The authors find that returns to health care were positive for Republicans during times of monetary expansion and positive for Democrats during monetary contraction. The authors also find this relationship has become more pronounced after 1984. Originality/value – The study extends prior literature, which has shown that the health care industry is a priced factor in the US stock market and that it provides significant risk-adjusted returns in the recent past. Uniquely, this study shows that the excess returns to health care vary considerably over the past 60 years, and that these excess returns are quite sensitive to political policy, proxied by the presidential administration party, and monetary policy, as measured using Fed discount rate changes. These findings have implications for management and shareholders of highly regulated and subsidized industries and firms.

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