scholarly journals The Impact of COVID-19 Lockdowns on Sustainable Indexes

2021 ◽  
Vol 13 (4) ◽  
pp. 1846 ◽  
Author(s):  
Helen Chiappini ◽  
Gianfranco Vento ◽  
Leonardo De Palma
Keyword(s):  
Abnormal Returns ◽  
Nonparametric Tests ◽  
Market Growth ◽  
Bear Market ◽  
Global Pandemic ◽  
Screening Strategies ◽  
The Usa ◽  
Sustainable Investment ◽  
Sustainable Investments ◽  
The Impact

This paper analyzes the response of sustainable indexes to the pandemic lockdown orders in Europe and the USA, contributing to both the research on the effects of the global pandemic outbreak and the resiliency of sustainable investments under market distress. Our results demonstrate that sustainable indexes were negatively impacted by lockdown orders; however, they did not show statistically significant different abnormal returns compared to traditional indexes. Similarly, our empirical results confirm that sustainable screening strategies (negative, positive, best in class) did not have an influence during such announcements. These results are robust across several model specifications and robustness tests, including nonparametric tests, generalized autoregressive conditionally heteroskedastic (GARCH) estimation of abnormal returns, and alternative events. The findings suggest that investors do not have to pay the price for the investments in sustainable assets when a bear market occurs; consequently, ceteris paribus, these investments appear suitable for financial-first investors. Such results have relevant practical consequences in terms of sustainable investment attractiveness and market growth.

The impact of Mad Money recommendations during bull and bear markets

2016 ◽  
Vol 12 (1) ◽  
pp. 52-70 ◽  
Author(s):  
Adam J. Roszkowski ◽  
Nivine Richie
Keyword(s):  
Prospect Theory ◽  
Behavioral Finance ◽  
Abnormal Returns ◽  
Good News ◽  
Content Type ◽  
Bear Market ◽  
Bear Markets ◽  
The Impact ◽  
Investor Reaction ◽  
Bull And Bear Markets

Purpose – The purpose of this paper is to examine semi-strong market efficiency by observing the behavioral finance implications of Jim Cramer’s recommendations in bull vs bear markets. The authors extend the literature by analyzing investor reaction through the lenses of prospect theory, overreaction, and herding. Design/methodology/approach – The authors test for abnormal returns in response to Mad Money buy and sell recommendations. The authors use a sample of buy and sell recommendations from MadMoneyRecap.com from July 28, 2005 through February 9, 2009. The 3.5-year time period is the most recent and comprehensive set of Mad Money recommendations that has been tested to date. Findings – The results indicate market inefficiency at the semi-strong level. Furthermore, the findings highlight the loss aversion tendencies of investors in regards to prospect theory of Kahneman and Tversky (1979) as well as the disposition effect of Shefrin and Statman (1985). Evidence also exists consistent with the herding and overreaction hypotheses. Practical implications – The evidence suggests contrarian behavior in which investors respond positively to good news in bad times – perhaps, in effort to stay the course and at least break even. This behavior may suggest that losers tend to hold on to losses in hopes of recouping them. Thus, positive information in bad times could further persuade market participants to hang on to or buy more of losers, while also persuading non-shareholders to buy in as well. Originality/value – Though other studies including Kenny and Johnson (2010) have estimated abnormal returns in response to analyst recommendations, to the knowledge, none has examined behavioral implications of investor reaction to buy and sell recommendations in both bull and bear markets. Furthermore, the study captures a longer bull and bear market and covers two definitions of such markets.

Assessing the introduction of anti-money laundering regulations on bank stock valuation

2019 ◽  
Vol 22 (1) ◽  
pp. 76-88 ◽  
Author(s):  
Henry Balani
Keyword(s):  
Money Laundering ◽  
Banking Sector ◽  
Negative Impact ◽  
Positive Impact ◽  
Statistical Significance ◽  
Abnormal Returns ◽  
Content Type ◽  
The Usa ◽  
Bank Stock ◽  
The Impact

Purpose This paper aims to analyze the impact of the introduction of anti-money laundering (AML) regulations on bank stock valuations in the USA. Regulations can have a negative impact on financial returns as a result of increased operational costs, potentially driving down stock valuations and loss of profitability. However, regulations can also have a positive impact on valuations because of greater oversight and increased investor confidence. Findings are useful for assessing the market impact of future regulations. Design/methodology/approach Event studies and cross-sectional regression analysis are used to determine the impact on bank stock valuations together with specific characteristics of bank size and geographic headquarter location of the bank for identified AML regulations. Hypothesis related to the impact of the introduction of AML regulations are empirically tested based on the statistical significance of cumulative abnormal returns of markets. Findings AML regulations introduced in 1998 had a positive impact on bank stock valuations, while the USA PATRIOT Act legislation of 2001 had a negative impact. These findings suggest that recent AML regulation is a cost compliance burden for banks, where the costs of operations outweigh the benefits of improved processes. Larger banks see a more negative impact on their bank stock valuations compared to smaller banks, suggesting the market perceives greater cost and less profit for larger banks. Results also show that the location of bank’s headquarters does not significantly impact bank stock valuations. Originality/value This paper specifically focuses on the impact of AML regulations on the US banking sector, providing investors, academics and regulators additional insight on the market dynamics of regulations. Identifying whether the introduction of regulations has a significant impact on a bank’s performance will provide both banks and regulators clarity as to the net benefits associated with the current and future AML legislation.

The Determinants of Merger Withdrawals’ Abnormal Returns in The Australian Market

2015 ◽  
pp. 89-110 ◽  
Author(s):  
Thuy Nguyen Thu ◽  
Giang Dao Thi Thu ◽  
Hoang Truong Huy
Keyword(s):  
Financial Crisis ◽  
Event Study ◽  
Abnormal Returns ◽  
Market Response ◽  
Crisis Period ◽  
Valuation Effects ◽  
Event Study Method ◽  
Private And Public ◽  
Method Of Payment ◽  
The Impact

This paper examines the abnormal returns in merger withdrawals in Australia, especially distinguishing the market response between private and public targets. We also study the determinants of those abnormal returns, including the method of payment and the impact of financial crisis periods. Using the event study method, we document that in the Australian context, the announced withdrawal of mergers involving private targets creates significantly negative valuation effects in comparison with the valuation effects in withdrawal of mergers involving public targets. We also find that a financial crisis period strongly affects abnormal returns of merger withdrawals. However, the method of payment does not have any impact on the abnormal returns.

The Institute for Healthcare Improvement–NeuroPoint Alliance collaboration to decrease length of stay and readmission after lumbar spine fusion: using national registries to design quality improvement protocols

2020 ◽  
Vol 33 (6) ◽  
pp. 812-821
Author(s):  
Scott L. Zuckerman ◽  
Clinton J. Devin ◽  
Vincent Rossi ◽  
Silky Chotai ◽  
E. Hunter Dyer ◽  
...  
Keyword(s):  
Quality Improvement ◽  
Length Of Stay ◽  
Discharge Planning ◽  
Lumbar Fusion ◽  
Nonparametric Tests ◽  
Learning System ◽  
Design Quality ◽  
Implementation Phase ◽  
Healthcare Improvement ◽  
The Impact

OBJECTIVENational databases collect large amounts of clinical information, yet application of these data can be challenging. The authors present the NeuroPoint Alliance and Institute for Healthcare Improvement (NPA-IHI) program as a novel attempt to create a quality improvement (QI) tool informed through registry data to improve the quality of care delivered. Reducing the length of stay (LOS) and readmission after elective lumbar fusion was chosen as the pilot module.METHODSThe NPA-IHI program prospectively enrolled patients undergoing elective 1- to 3-level lumbar fusions across 8 institutions. A three-pronged approach was taken that included the following phases: 1) Research Phase, 2) Development Phase, and 3) Implementation Phase. Primary outcomes were LOS and readmission. From January to June 2017, a learning system was created utilizing monthly conference calls, weekly data submission, and continuous refinement of the proposed QI tool. Nonparametric tests were used to assess the impact of the QI intervention.RESULTSThe novel QI tool included the following three areas of intervention: 1) preoperative discharge assessment (location, date, and instructions), 2) inpatient changes (LOS rounding checklist, daily huddle, and pain assessments), and 3) postdischarge calls (pain, primary care follow-up, and satisfaction). A total of 209 patients were enrolled, and the most common procedure was a posterior laminectomy/fusion (60.2%). Seven patients (3.3%) were readmitted during the study period. Preoperative discharge planning was completed for 129 patients (61.7%). A shorter median LOS was seen in those with a known preoperative discharge date (67 vs 80 hours, p = 0.018) and clear discharge instructions (71 vs 81 hours, p = 0.030). Patients with a known preoperative discharge plan also reported significantly increased satisfaction (8.0 vs 7.0, p = 0.028), and patients with increased discharge readiness (scale 0–10) also reported higher satisfaction (r = 0.474, p < 0.001). Those receiving postdischarge calls (76%) had a significantly shorter LOS than those without postdischarge calls (75 vs 99 hours, p = 0.020), although no significant relationship was seen between postdischarge calls and readmission (p = 0.342).CONCLUSIONSThe NPA-IHI program showed that preoperative discharge planning and postdischarge calls have the potential to reduce LOS and improve satisfaction after elective lumbar fusion. It is our hope that neurosurgical providers can recognize how registries can be used to both develop and implement a QI tool and appreciate the importance of QI implementation as a separate process from data collection/analysis.

SCENARIOS FOR AN EXPANDING DEMAND OF TOURISM ON THE COASTS OF CUBA

2017 ◽  
Author(s):  
Oscar Gutiérrez-Bolívar ◽  
Oscar Gutiérrez-Bolívar ◽  
Pedro Fernández Carrasco ◽  
Pedro Fernández Carrasco
Keyword(s):  
United States ◽  
The Other ◽  
Sudden Increase ◽  
Tourist Destination ◽  
Other Hand ◽  
The Usa ◽  
The Impact

The opening of relationships between United States and Cuba could be a drive for a huge increase in the affluence of tourism to Cuba and especially to the coast areas. Cuba has been for many years an important tourist destination for people from many countries, but almost forbidden for US citizens. The proximity of the USA, its amount of population as well as their great acquisition power will increase in a very substantial way the demand for accommodation and other uses in the proximity of the coasts. There will be a need to implement a package of measures that reduce the impact of such sudden increase in the coastal line. On the other hand that augment in tourism could be an opportunity to improve the standard of life of Cubans. The consideration of different possibilities of such development, the analysis of the damages that each one could cause as well as the measures that could avoid, ameliorate or compensate such effects are the goals that are going to be presented in this paper.

Socio-Technological Aspects of Automation in Public Works Activities

1987 ◽  
Vol 19 (3-4) ◽  
pp. 633-643
Author(s):  
William F. Garber
Keyword(s):  
Industrial Revolution ◽  
Work Force ◽  
Public Works ◽  
Human Society ◽  
Training Problem ◽  
Total Employment ◽  
The Usa ◽  
History Of ◽  
Complete Automation ◽  
The Impact

The history of human society is replete with examples of advances in technology overrunning the ability of societal organizations to efficiently handle the resulting massive societal dislocations. The social impacts of the “Industrial Revolution of the 18th and 19th Centuries” illustrate how profound such effects can be. The automation-computer-robotics revolution now underway also has the potential for serious societal changes. In this regard public works activities are subject to increasing amounts of automation with impacts upon current and net total employment and training needs. To evaluate the present status of automation in the USA, questionnaires were sent to public works authorities in 110 cities or agencies. The current degree of automation, the impact upon employment and the skills now needed by public works employers were queried. It was found that in most cases automation was just starting; but that as complete automation as was possible was inevitable given the increasing complexity of the tasks, the demands of the public and the long term prospects for public works funding. In many cases the candidates now in the work force were not properly trained for automation needs. Retraining and changes in the educational system appeared necessary if the employees now needed were to be continuously available. Public works management as well as several labor organizations appeared to be aware of this need and were organizing to handle the training problem and the changes in employment qualifications now necessary. It appeared to be a consensus that the larger societal effects of automation should be handled by society as a whole.

Navigating the New Retail Landscape

2020 ◽  
Author(s):  
Alan Treadgold ◽  
Jonathan Reynolds
Keyword(s):  
Case Studies ◽  
Business Models ◽  
Retail Industry ◽  
Drivers Of Change ◽  
Economic Crises ◽  
Global Pandemic ◽  
Personal Leadership ◽  
Practical Guidance ◽  
The Impact ◽  
Rapid Emergence

The retail industry globally is in an era of profound, perhaps unprecedented, change, change which has been further accelerated for many by the impact of the COVID-19 global pandemic and its attendant health and economic crises. This book is intended to serve as a wide-ranging, robust, practical guide to leaders of enterprises tasked with understanding and delivering success in the new landscape of retailing. Part 1 describes the major directions and drivers of change that define the new global landscape of retailing. Accelerating changes in technology, the rise to prominence globally of internet enabled shoppers and the rapid emergence of entirely new retail enterprises and business models are combining to re-shape the very fundamentals of the retail industry. The new landscape of retailing is unforgiving: success can be achieved more quickly than ever before but failure is equally rapid. Opportunities in the new landscape of retailing are profound, but so too are the challenges. Part 2 discusses the structures, skills and capabilities that retail enterprises will need to be successful in this new landscape and the skills and capabilities required of the leaders of retail enterprises. More than 25 detailed case studies of innovative, successful enterprises internationally and more than one hundred smaller examples, all updated and many new since the first edition, are used to illustrate the themes discussed. Frameworks are presented to provide practical guidance for enterprise leaders to understand and contextualize the nature of change re-shaping retail landscapes globally. Clear guidance is given of the capabilities, skills and perspectives needed at both an enterprise and personal leadership level to deliver success in the new landscape of retailing.

Theory and Method and the Stakes of a Fragmented Discipline: Or, What Economics Taught Me About the Study of Religion

2020 ◽  
Author(s):  
Thomas A Lewis
Keyword(s):  
Religious Studies ◽  
The Public ◽  
Global Pandemic ◽  
Recent Developments ◽  
The Common ◽  
The Impact ◽  
Academic Study

Abstract As a discipline, the academic study of religion is strikingly fragmented, with little engagement or shared criteria of excellence across subfields. Although important recent developments have expanded the traditions and peoples studied as well as the methods used, the current extent of fragmentation limits the impact of this diversification and pluralization. At a moment when the global pandemic is catalyzing profound pressures on our universities and disciplines, this fragmentation makes it difficult to articulate to the public, to non-religious studies colleagues, and to students why the study of religion matters. We therefore too often fall back on platitudes. I argue for a revitalized methods and theories conversation that connects us even as it bears our arguments and disagreements about what we do and how. Courses in methods and theories in the study of religion represent the most viable basis we have for bringing the academic study of religion into the common conversation or argument that constitutes a discipline without sacrificing our pluralism.

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