scholarly journals ESG Performance and Stock Price Volatility in Public Health Crisis: Evidence from COVID-19 Pandemic

2021 ◽  
Vol 19 (1) ◽  
pp. 202
Author(s):  
Dongyi Zhou ◽  
Rui Zhou
Keyword(s):  
Public Health ◽  
Stock Prices ◽  
Stock Price ◽  
Negative Impact ◽  
Price Volatility ◽  
Rating Data ◽  
Health Crisis ◽  
Stock Price Volatility ◽  
Public Health Crisis ◽  
The Impact

Unlike traditional financial crises, COVID-19 is a global public health crisis with a significant negative impact on the global economy. Meanwhile, the stock market has been hit hard, and corporate share prices have become more volatile. However, the stock prices of some enterprises with good performance of ESG (Environment, Social, and Governance) are relatively stable in the epidemic. This paper selects ESG rating data from MSCI (Morgan Stanley Capital International) with better differentiation, adopts multiple regression and dummy variables, and adopts the Differences-in-Differences (DID)model with the help of COVID-19, an exogenous event. Empirical test the impact of ESG performance on the company’s stock price fluctuations. The results show that the stock price volatility of companies with good ESG performance is lower than that of companies with poor performance. Second, COVID-19 exacerbates volatility in company stock prices, but the increase in stock price volatility of companies with good ESG performance is small. That is, good ESG performance helps reduce the increase in stock price volatility due to COVID-19 shock, and plays a role in enhancing “resilience” and stabilizing stock prices. This paper provides new empirical evidence for the study of ESG performance and corporate stock price volatility, and puts forward relevant policy recommendations for enterprises and government departments.

scholarly journals Interaction between Industrial Policy and Stock Price Volatility：Evidence from China’s Power Market Reform

2018 ◽  
Author(s):  
Ye Fan ◽  
Zhicheng Zhang ◽  
Xiaoli Zhao ◽  
Haitao Yin
Keyword(s):  
Industrial Policy ◽  
Stock Prices ◽  
Stock Price ◽  
Price Volatility ◽  
Power Market ◽  
Green Energy ◽  
Market Reform ◽  
Stock Price Volatility ◽  
Price Fluctuations ◽  
The Impact

China combines green energy and industrial policy in its power market reform with various policy initiatives, including price support scheme for electricity from renewable sources and subsidies in the push for broader use of greener energy. This study focuses on the impacts of power market reform on the stock price volatility of listed power companies: 1) we use the Iterative Cumulative Sums of Squares (ICSS) algorithm to identify structural break points in stock prices; 2) we analyze the characteristics of stock price volatility based on the GARCH model; 3) we report the impact of power regulation on stock price fluctuations based on the Autoregressive Distributed Lag (ARDL) model. The result suggests three structural breaks in China’s power stock price volatility were related to the promulgation of power market reform policies. We find that industrial policies promote the reduction of power stock price fluctuations and its impact on power stock price volatility is consistent in the long run. However, our study also indicates the recent policies related to renewable energy do not have a very significant impact on the power stock market.

scholarly journals Financing Constraints and Stock Price Volatility Empirical Evidence from Shanghai and Shenzhen A-share listed Companies

2021 ◽  
Vol 235 ◽  
pp. 01029
Author(s):  
Xuan Xiang ◽  
Fei Dong ◽  
Junxiu Chen
Keyword(s):  
Stock Prices ◽  
Stock Price ◽  
Price Volatility ◽  
Listed Companies ◽  
Practical Significance ◽  
Financing Constraints ◽  
Cross Sectional ◽  
Stock Price Volatility ◽  
The Impact ◽  
A Share

Based on the theoretical analysis of financing constraints and stock price volatility, the hypothesis of “corporate financing constraints inhibiting corporate stock price volatility” is proposed. After data cleaning, the cross-sectional data based on A-share was used to make an empirical analysis of the relationship between financing constraints and stock price volatility of listed companies in 2018 through regression model. The study found that when companies relax financing constraints, due to widespread overinvestment, the stock price of companies will fluctuate more. In addition, we have shown that by replacing the return of financing constraint indicators and the regression of subsamples based on enterprise size, market type and ownership, the conclusion of the study is more robust. The research reveals the mechanism of the impact of financing constraints on the volatility of corporate stock prices. The conclusions have practical significance for investors, corporations and relevant regulatory authorities.

scholarly journals The Impact of Economic Agents Perceptions on Stock Price Volatility

2015 ◽  
Vol 63 (4) ◽  
pp. 1229-1234
Author(s):  
Jaroslav Bukovina
Keyword(s):  
Stock Market ◽  
Stock Prices ◽  
Stock Price ◽  
Negative Impact ◽  
Positive Impact ◽  
Price Volatility ◽  
Investment Strategy ◽  
Economic Agents ◽  
Market Indexes ◽  
The Impact

This paper studies perceptions of economic subjects and its impact on stock prices. Perceptions are represented by stock market indexes and Facebook activity. The contribution of this paper is twofold. In the first place, this paper analyzes the unique data of Facebook activity and proposes the methodology for employment of social networks as a proxy variable which represents the perceptions of information in society related to the specific company. The second contribution is the proposal of potential link between social network principles and theories of behavioral economics. Overall, the author finds the negative impact of Facebook activity on stock prices and the positive impact of stock market indices. The author points the implications of findings to protection of company reputation and to investment strategy based on the existence of undervalued stocks.

scholarly journals SENSITIVITAS FAKTOR EKONOMI MAKRO DAN MIKRO DALAM MEMPREDIKSI VOLATILITAS HARGA SAHAM PERUSAHAAN SEKTOR INDUSTRI FOOD & BEVERAGES

2019 ◽  
Vol 4 (1) ◽  
pp. 85-100
Author(s):  
Abdul Kohar ◽  
Nurmala Ahmar ◽  
Suratno Suratno
Keyword(s):  
Exchange Rate ◽  
Interest Rates ◽  
Stock Prices ◽  
Stock Price ◽  
Stock Exchange ◽  
Price Volatility ◽  
Share Price ◽  
Macroeconomic Factors ◽  
Stock Price Volatility ◽  
The Impact

The movement of macroeconomic factors can be used to predict the movement of the stock price, but different researchers are using different macroeconomic factors because there is still no consensus among them which macroeconomic factors that have an influence on stock prices. This study aimed to analyze and test the impact of macroeconomics factors which consisting of inflation, interest rates, exchange rate, and microeconomy factors, consisting of asset growth, growth earnings and sales growth to the volatility of stock prices on food and beverages companies listed in Indonesia Stock Exchange between 2011 and 2015 period. The study measure the sensitivity of inflation and interest rates and stock price volatility by regressing each variable with a share price which will produce the sensitivity value of each variable. A total of 66 samples are tested by using the classic assumption as the precondition for regression analysis techniques (multiple regressions). The results showed that inflation is partially affect the stock price volatility, Indonesia Interest Rate (SBI) is partially effect on stock price volatility, and exchange rate and microeconomics are partially no effect on stock price volatility.

scholarly journals PENGARUH KEBIJAKAN DIVIDEN, LEVERAGE, DAN UKURAN PERUSAHAAN TERHADAP VOLATILITAS HARGA SAHAM

2019 ◽  
Vol 8 (10) ◽  
pp. 5887
Author(s):  
Ni Luh Putu Sintya Marini ◽  
Sayu Ketut Sutrisna Dewi
Keyword(s):  
Firm Size ◽  
Stock Price ◽  
Dividend Policy ◽  
Negative Impact ◽  
Positive Impact ◽  
Stock Exchange ◽  
Price Volatility ◽  
Stock Price Volatility ◽  
Natural Logarithm ◽  
The Impact

Stock price volatility reflects the fluctuations on stock price movements and the level of risk faced by investors. This research examines the impact of dividend policy, leverage, and firm size on stock price volatility. The research variables were measured by dividend payout ratio, debt to equity ratio, and natural logarithm of total assets. This research was conducted on 19 samples of property, real estate, and construction sector companies listed in Indonesia Stock Exchange (IDX) that distributed consecutive dividends during 2013-2017. Multiple linear regression used as the analysis technique. The analysis result shows that simultaneously dividend policy, leverage, and firm size influence stock price volatility. Partially dividend policy and firm size has negative impact on stock price volatility while leverage has positive impact on stock price volatility. Keywords : dividend, leverage, firm size, volatility

scholarly journals Investigating Community Pharmacy Take Home Naloxone Dispensing during COVID-19: The Impact of One Public Health Crisis on Another

Pharmacy ◽  
2021 ◽  
Vol 9 (3) ◽  
pp. 129
Author(s):  
George Daskalakis ◽  
Ashley Cid ◽  
Kelly Grindrod ◽  
Michael A. Beazely
Keyword(s):  
Public Health ◽  
Community Pharmacy ◽  
Online Survey ◽  
Comfort Level ◽  
Future Research ◽  
Health Crisis ◽  
Public Health Crisis ◽  
Pharmacy Technicians ◽  
The Impact ◽  
Overdose Deaths

A recent report found that the number of opioid-related deaths in Ontario in the first 15 weeks of the COVID-19 pandemic was 38.2% higher than in the 15 weeks before the pandemic. Our study sought to determine if pharmacy professionals self-reported an increase or decrease in naloxone provision due to the pandemic and to identify adjustments made by pharmacy professionals to dispense naloxone during the pandemic. A total of 231 Ontario community pharmacy professionals completed an online survey. Pharmacy professionals’ barriers, facilitators, and comfort level with dispensing naloxone before and during the pandemic were identified. The sample consisted of mostly pharmacists (99.1%). Over half (51.1%) reported no change in naloxone dispensing, while 22.9% of respondents reported an increase and 24.7% a decrease. The most common adjustments made during the pandemic were training patients how to administer naloxone over video or phone, delivering naloxone kits, and pharmacy technicians offering naloxone at prescription intake. Over half (55%) of participants said the top barrier for dispensing was that patients did not request naloxone. Naloxone distribution through pharmacies could be further optimized to address the increased incidence of overdose deaths during the pandemic. Future research should investigate the reasons for changes in naloxone dispensing.

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