scholarly journals The Impact of COVID-19 Pandemic on Stock Market: Evidence from Romania

2021 ◽  
Vol 18 (17) ◽  
pp. 9315
Author(s):  
Mariana Hatmanu ◽  
Cristina Cautisanu
Keyword(s):  
Stock Market ◽  
Negative Impact ◽  
Positive Influence ◽  
Negative Effects ◽  
Health Crisis ◽  
Economic Context ◽  
Distributed Lag ◽  
Efficient Management ◽  
Healthcare Crisis ◽  
The Impact

The current health crisis has several socioeconomic influences that could be compared to those experienced during the 2008 economic and financial crisis. Governments around the world are making great efforts to sustain markets as there are signs showing that the health crisis will be followed by an economic crisis. In this study, we aim to investigate the impact of COVID-19 on the Romanian stock market. For this purpose, we considered the influence on the Bucharest Exchange Trading (BET) index of such variables as the number of new cases and the number of new deaths caused by COVID-19, measures taken by authorities, and the international economic context. The collected data covered the period between 11 March 2020 and 30 April 2021. The Autoregressive Distributed Lag (ARDL) Bound cointegration test was used to measure the impact of COVID-19 on the stock market. The results showed a significant long-term negative impact of the pandemic on the BET index for Romania, while the European economic context had a positive influence. Therefore, these results could be used by authorities as a good guideline for the efficient management of measures that aim to reduce the negative effects of the healthcare crisis.

scholarly journals The Impact of Competition on Debt Ratio of Manufacturing Enterprises in Vietnam

2019 ◽  
Vol 9 (2) ◽  
pp. 56
Author(s):  
Nguyen Tan Vinh
Keyword(s):  
Stock Market ◽  
Capital Structure ◽  
Negative Impact ◽  
Market Competition ◽  
Generalized Method Of Moments ◽  
Debt Ratio ◽  
Negative Effects ◽  
Research Results ◽  
Manufacturing Enterprises ◽  
The Impact

Asymmetric infomation has caused difficulties for investors in the financial market when the enterprises have high competitiveness in the market but there are acts of using unusual capital structure. Investment decisions on the stock market of investors will be negatively affected by asymmetric information. In particular, the manufacturing enterprises have made an important contribution to Vietnam’s economic structure. Therefore, the authors conduct research to assess the impact of product market competition on the capital structure of manufacturing enterprises listed in the Vietnam stock market from 2010 to 2018. By analyzing panel data through the Generalized Method of Moments (GMM), the research results indicate: Competitiveness factors HHI has a negative impact on debt ratio (DR)—the results support the predation theory. When businesses are highly competitive, there will be a tendency to reduce the debt ratio. At the same time, the research results also show the variables ROA and CGIR have negative effects on DR. GRTA and NDTS variables do not affect the DR of manufacturing enterprises. The results of this study will help investors to make their decisions more wisely.

scholarly journals The impact of the COVID-19 lockdown on stock market performance: evidence from Vietnam

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Dao Le Trang Anh ◽  
Christopher Gan
Keyword(s):  
Stock Market ◽  
Stock Returns ◽  
Negative Impact ◽  
Emerging Market ◽  
Positive Influence ◽  
Stock Performance ◽  
Content Type ◽  
Stock Market Performance ◽  
Daily Stock Returns ◽  
The Impact

PurposeThis study explores the effects of the COVID-19 outbreak and its following lockdown on daily stock returns in Vietnam, a fast-growing emerging market that successfully revived after the pandemic lockdown.Design/methodology/approachThis study uses panel-data regression models to evaluate the influence of the daily increase in the number of COVID-19 confirmed cases during pre-lockdown and lockdown on daily stock returns of 723 listed firms in Vietnam from 30 January to 30 May 2020.FindingsThe study confirms the adverse impact of the daily increasing number of COVID-19 cases on stock returns in Vietnam. The study also discloses that the Vietnam stock market before and during the nationwide lockdown performed in opposing ways. Though COVID-19 pre-lockdown had a significant, negative impact on Vietnam's stock returns, the lockdown period had a significant, positive influence on stock performance of the entire market and the different business sectors in Vietnam. The financial sector was hardest hit on the Vietnam stock market during the COVID-19 outbreak.Research limitations/implicationsThe study indicates investors' confidence and trust in the Vietnam government's decisions to combat COVID-19 and favorable stocks prices were the main reasons that the Vietnam stock market rebounded during and after lockdown.Originality/valueThis is the first study to examine the impact of COVID-19 during the pre-lockdown and lockdown periods on stock performance in Vietnam, a rapidly developing economy that was successful in controlling the pandemic with a rejuvenated stock market after lockdown.

scholarly journals Ownership structure and stock market performance of acquiring firms: The case of French mergers

2018 ◽  
Vol 15 ◽  
pp. 188-200
Author(s):  
Ferihane Zaraa Boubaker
Keyword(s):  
Stock Market ◽  
Ownership Structure ◽  
Negative Impact ◽  
Market Performance ◽  
Positive Influence ◽  
Curvilinear Relationship ◽  
Managerial Ownership ◽  
Acquiring Firms ◽  
Stock Market Performance ◽  
The Impact

This study examines the short- and long-term relationship between the shareholder structure (family, institutional, managerial ownership) and stock market performance of acquiring firms. To explore this issue, we use a sample of 84 acquisitions undertaken by French firms operating in the real estate and financial sectors over the period 2008-2012. To compute short-term stock performance we used the standard event study methodology while we estimated the CAR and BHAR to study long horizon up to 36 months. The results show a curvilinear relationship between the manager’s ownership and stock market performance. We provide evidence that increasing managerial ownership up to 16% has a negative impact on a firm performance after which it becomes positive. Moreover, the separation between ownership and control does not seem to affect the performance of initiators firms due to a lack of significance of the coefficients suggesting the absence of expropriation of minority shareholders. Finally, examining the links between the shareholding nature and performance shows that family and institutional shareholders have a positive influence on performance. Our research tried to fill the gap in the existing literature by studying concurrently the impact of ownership structure variables on the short as on the long post-merger performance.

scholarly journals In the Same Boat, but not Equals: The Heterogeneous Effects of Indirect Taxation on Child Health in Punjab-Pakistan

2020 ◽  
Vol 11 (3) ◽  
Author(s):  
Faiz Ur Rehman ◽  
Muhammad Nasir
Keyword(s):  
Negative Impact ◽  
Income Group ◽  
Z Score ◽  
Negative Effects ◽  
Indirect Taxation ◽  
Nutrition Survey ◽  
Lower Income Group ◽  
Food Items ◽  
Heterogeneous Effects ◽  
The Impact

AbstractThe 2011 National Nutrition Survey of Pakistan revealed that 51% of the country’s population was consuming less than 2,100 calories a day. In the backdrop of rising food insecurity, hunger, and malnutrition in Pakistan, this study aims to measure the effects of indirect taxation on health outcomes of children (<5 years). More specifically, the impact of the incidence of General Sales Tax (GST) in the province of Punjab has been estimated on a child’s height and weight. The proponents of the uniform GST argue that the tax would not affect children because most food items consumed by children are exempted from the GST. However, the opponents believe that households, especially those belonging to the lower-income group, would reallocate resources away from children in the face of higher GST. To study these effects, we utilized three different waves (2007–08, 2011 & 2014) of Multiple Indicators Cluster Surveys (MICS). The results show that the tax incidence, and not the GST rate, has a significantly negative impact on children’s height-for-age Z-score (HAZ). No effect was found on the weight-for-age-z-score (WAZ). These results are robust to different specifications and exhibit considerable heterogeneity across different income groups. These findings suggest that the exemption of certain food items for children from the GST may not eliminate the negative effects of this tax on a child’s health. Thus, our study raises concerns about the long term welfare consequences of GST.

The Impact of the Business Environment on the Formalization of Informal Firms. The Case of Kosovo

Südosteuropa ◽  
2020 ◽  
Vol 68 (4) ◽  
pp. 505-529
Author(s):  
Kujtim Zylfijaj ◽  
Dimitar Nikoloski ◽  
Nadine Tournois
Keyword(s):  
Negative Impact ◽  
Positive Impact ◽  
Business Environment ◽  
Positive Influence ◽  
Policy Implications ◽  
Tax Reforms ◽  
Firm Level ◽  
Characteristics Analysis ◽  
Significant Negative Impact ◽  
The Impact

AbstractThe research presented here investigates the impact of the business environment on the formalization of informal firms, using firm-level data for 243 informal firms in Kosovo. The findings indicate that business-environment variables such as limited access to financing, the cost of financing, the unavailability of subsidies, tax rates, and corruption have a significant negative impact on the formalization of informal firms. In addition, firm-level characteristics analysis suggests that the age of the firm also exercises a significant negative impact, whereas sales volume exerts a significant positive impact on the formalization of informal firms. These findings have important policy implications and suggest that the abolition of barriers preventing access to financing, as well as tax reforms and a consistent struggle against corruption may have a positive influence on the formalization of informal firms. On the other hand, firm owners should consider formalization to be a means to help them have greater opportunities for survival and growth.

scholarly journals CONSTRUCTION BUDGET AND ITS IMPACT ON CONSTRUCTION COSTS IN TIMES OF SANITARY CRISIS IN CORPORACION SANTA MARIA

2021 ◽  
Vol 9 (07) ◽  
pp. 112-118
Author(s):  
Dra. Flor Calvanapon Alva ◽  
◽  
Mg. Karina Cardenas Rodriguez ◽  
Silvia Cespedes Esquivel ◽  
Roxana Lujan Rodriguez ◽  
...  
Keyword(s):  
San Francisco ◽  
Negative Impact ◽  
Profit Margin ◽  
School Buildings ◽  
Construction Costs ◽  
Health Crisis ◽  
Documentary Analysis ◽  
Record Card ◽  
The Impact ◽  
Santa Maria

In order to determine the impact of the construction budget on the construction costs of the Santa Maria Corporation SAC-2020, an applied research was carried out, qualitative approach, non-experimental design and correlational scope, the sample are works executed in times of health crisis the school buildings No. 81540 San Francisco de Asis and No. 80638 Americo Aguilar Celis, in the province of Viru. Thestudytechniqueused was documentary analysis and the instrument was a record card. The data obtained were processed to evaluate the incidence of the variables by means of statistical tables where it was found that 4.29% additional materials were used for the first work and 4.33% additional for the second, with respect to the budget in the case of direct general expenses, 18.75% and 23.33% respectively, additional to the estimate. It is concluded that the construction budget has a negative impact on the construction costs of Corporacion Santa Maria SAC-2020 in times of sanitary crisis, observing relevant variations between the estimated and executed costs, not obtaining the expected profit margin noting that in the case of the first project the profit margin is only 10% of the estimate and in the second projectitis 0%.

scholarly journals Impact of COVID-19 on the trade of goods and services in Spain

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Asier Minondo
Keyword(s):  
Negative Impact ◽  
The European Union ◽  
Firm Level ◽  
Health Crisis ◽  
Content Type ◽  
Goods And Services ◽  
Containment Measures ◽  
Trade Of Services ◽  
The Impact

Purpose This paper aims to analyze the impact of COVID-19 on the trade of goods and services in Spain. Design/methodology/approach This paper uses monthly trade data at the product, region and firm level. Findings The COVID-19 crisis has led to the sharpest collapse in the Spanish trade of goods and services in recent decades. The containment measures adopted to arrest the spread of the virus have caused an especially intense fall of trade in services. The large share of transport equipment, capital goods, products that are consumed outdoors (i.e., outdoor goods) and tourism in Spanish exports has made the COVID-19 trade crisis more intense in Spain than in the rest of the European Union. Practical implications The nature of the collapse suggests that trade in goods can recover swiftly when the health crisis ends. However, COVID-19 may have a long-term negative impact on the trade of services that rely on the movement of people. Originality/value It contributes to understand how COVID-19 has affected the trade in goods and services in Spain.

The Impact of Ceta Programs on Components of Participants' Earnings

ILR Review ◽  
1987 ◽  
Vol 40 (3) ◽  
pp. 430-441 ◽  
Author(s):  
Katherine P. Dickinson ◽  
Terry R. Johnson ◽  
Richard W. West
Keyword(s):  
Nearest Neighbor ◽  
Negative Impact ◽  
Positive Impact ◽  
Hourly Wage ◽  
Negative Effects ◽  
Hours Worked ◽  
Positive Effects ◽  
Hourly Wage Rate ◽  
Women's Earnings ◽  
The Impact

This paper provides the first estimates of the net impact of CETA participation on the components of CETA participants' post-program earnings. Employing a sample of 1975 CETA enrollees and comparison groups drawn from the March 1978 CPS using a nearest-neighbor matching technique, the authors estimate statistically significant negative effects on men's earnings and statistically significant positive effects on women's earnings. These results stem partly from the impact of CETA participation on the likelihood of being employed after leaving the program (negative for men, positive for women), but also from a negative impact on hours worked during the year and hourly wage rate for men and a large positive impact on hours worked per week and weeks worked per year for women.

STUDY ON EFFECTS OF DISTRUTIVE AGENTS ON THE ARTWORKS

2017 ◽  
Vol 31 (1) ◽  
pp. 75-81
Author(s):  
Valeria Mirela Brezoczki ◽  
◽  
Emese Bonta ◽  
Keyword(s):  
Negative Impact ◽  
Art Museum ◽  
External Factors ◽  
Cultural Value ◽  
Negative Effects ◽  
Active Monitoring ◽  
Baia Mare ◽  
Different Types ◽  
The Impact ◽  
Over Time

The paper describes a series of effects created by the impact of environmental factors on artworks in museums, as well as the way that active monitoring of these destructive agents (temperature and relative humidity) is done. Over time, artefacts exhibited within museums are subject to a series of degradations caused by external factors (air components, humidity, temperature, sunlight, bacteria, molds or fungi etc.), which can leave a negative impact on these goods with cultural value. The main observed negative effects are directly and intimate related to the deterioration of wood sculptures by the occurrence of cracks and the installation of different types of bacteria; the appearance of brownish-red spots on the surface of the paper and the increase in its reliability; various types of corrosion of artworks from different metals; color losses and cracks on paintings etc. The study brings to the fore the damaging effects produced on the different cultural works hosted within the County Art Museum - Art Center Baia Mare.

Economy of households under conditions of pandemic instability

2021 ◽  
pp. 98-109
Author(s):  
Mariana Fedyk
Keyword(s):  
Negative Impact ◽  
Alcoholic Beverages ◽  
Baseline Scenario ◽  
Household Economy ◽  
Negative Effects ◽  
Subsistence Level ◽  
Goods And Services ◽  
Academic Paper ◽  
Absolute Criterion ◽  
The Impact

The purpose of the academic paper lies in assessing the state of income, expenditure and savings of households under conditions of pandemic instability. The research methodology is based on the statistical analysis of data on income, resources and savings of households in Ukraine for 2010-2020. The scientific novelty involves identifying the positive and negative effects of the pandemic on the household economy. Conclusions. The positive and negative effects of the impact of spreading the pandemic on the household economy have been revealed in the research, and as a result, the decline in economic activity and the growth of unemployment in Ukraine. It has been determined that in the period of 2020 pandemic, costs decreased by 2% and resources increased by 3%. In 2020, the share of expenditures on food and non-alcoholic beverages increased from 46,6% to 48,1% in 2019, and on non-food goods and services - decreased from 41,5% to 39,8%. The population with per capita equivalent total income per month, below the actual subsistence level, was 8,9 million people in 2019 (23,1%), in 2020 – 8,8 million people (23,2%). Despite experts’ assessments of the likely increase in poverty as a result of COVID-19 spreading under two scenarios (according to the absolute criterion, it will increase from 27,2 to 43,6%; according to an absolute criterion, it will increase from 27,2 to 50,8%). It can be noted that the COVID-19 pandemic has had a negative impact on the poorest sections of the population with low incomes. It has been determined that in the context of social-economic impact of COVID-19, families who find it more difficult to diversify their own incomes are the most vulnerable ones. The following categories have been most affected by the pandemic (they will have had the largest increase in poverty compared to the baseline scenario), namely: households with three or more children; single parents with children; households with children under three; single retirees over 65 years.Along with this, thanks to the monetary policy that has ensured a stable level of inflation and return on deposits, the share of household deposits has increased the most in the last ten years to 27%. However, it is worth noting that quarantine and the COVID-19 pandemic have led to a trend towards a partial flow of population resources from time deposits to card and savings accounts. After all, citizens sought to have free money in case of unforeseen expenses due to the uncertainty of the future development of events. Key words: households, income, resources, consumer expenditures, economic crisis, pandemic instability, quarantine restrictions.

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