scholarly journals Age of Firms and the Value of Analyst Recommendation

2019 ◽  
Vol 4 (2) ◽  
pp. 90-96
Author(s):  
Hassanudin Mohd Thas Thaker ◽  
Azhar Mohamad
Keyword(s):  
Stock Returns ◽  
Information Disclosure ◽  
Value Of Information ◽  
Jel Classification ◽  
Qualitative Inquiry ◽  
Panel Regression ◽  
Cumulative Abnormal Return ◽  
Qualitative Information ◽  
Analyst Recommendation ◽  
Unbalanced Panel Data

Objective – This paper assesses the value of information disclosure in Malaysian analyst reports by examining three categories of firms, according to their age (young, medium and old). Methodology/Technique – The study uses a market-adjusted method to calculate the cumulative abnormal return and panel regression to test the research objective. The results from the unbalanced panel data reveals that not all information contained in the analyst reports is able to detect the movement in stock returns. Findings – Younger firms recorded two significant results (ROE and SPR) whereas among medium aged firms, TP, CFP, SPR, and MC all had an impact on CAR. The older firms showed that TP, EF, ROE and SPKLCI had an impact on CAR. Novelty – This qualitative inquiry reveals that Malaysian analyst reports tend to disclose information based on simple statistical analyses to formulate recommendations whilst ignoring other significant qualitative information. Type of Paper: Empirical Keywords: Age; Value; Analyst Report; Malaysia. Reference to this paper should be made as follows: Thaker, H. M. T.; M, A. 2019. Age of Firms and the Value of Analyst Recommendation, J. Bus. Econ. Review 4 (2): 90 – 96 https://doi.org/10.35609/jber.2019.4.2(3) JEL Classification: G30, G32, G39.

The Value of Consumer Data in Online Advertising

2017 ◽  
Vol 16 (3) ◽  
pp. 269-289
Author(s):  
Marc Bourreau ◽  
Bernard Caillaud ◽  
Romain de Nijs
Keyword(s):  
Information Disclosure ◽  
Value Of Information ◽  
Online Advertising ◽  
Personal Data ◽  
Specific Information ◽  
Incremental Value ◽  
Imperfectly Competitive ◽  
Social Returns ◽  
Consumer Data ◽  
The Cost

Abstract In this paper we propose a model where consumer personal data have multidimensional characteristics, and are used by platforms to offer ad slots with better targeting possibilities to a market of differentiated advertisers through real-time auctions. A platform controls the amount of information about consumers that it discloses to advertisers, thereby affecting the dispersion of advertisers’ valuations for the slot. We first show by way of simulations that the amount of consumer-specific information that is optimally revealed to advertisers increases with the degree of competition on the advertising market and decreases with the cost of information disclosure for a monopolistic platform, competing platforms or a welfare-maximizing platform, provided the advertising market is not highly concentrated. Second, we exhibit different properties between the welfare-maximizing situation and the imperfectly competitive market situations with respect to how the incremental value of information varies: there are decreasing social returns to consumers’ data, while private returns may be increasing or decreasing locally.

Does time-varying illiquidity matter for the Indian stock market? Evidence from high-frequency data

2021 ◽  
pp. 031289622110102
Author(s):  
Mousumi Bhattacharya ◽  
Sharad Nath Bhattacharya ◽  
Sumit Kumar Jha
Keyword(s):  
Stock Market ◽  
Stock Returns ◽  
High Frequency ◽  
Jel Classification ◽  
Exogenous Shock ◽  
Intraday Data ◽  
Day Of The Week ◽  
Holiday Effects ◽  
Indian Stock Market ◽  
The Impact

This article examines variations in illiquidity in the Indian stock market, using intraday data. Panel regression reveals prevalent day-of-the-week, month, and holiday effects in illiquidity across industries, especially during exogenous shock periods. Illiquidity fluctuations are higher during the second and third quarters. The ranking of most illiquid stocks varies, depending on whether illiquidity is measured using an adjusted or unadjusted Amihud measure. Using pooled quantile regression, we note that illiquidity plays an important asymmetric role in explaining stock returns under up- and down-market conditions in the presence of open interest and volatility. The impact of illiquidity is more severe during periods of extreme high and low returns. JEL Classification: G10, G12

scholarly journals PENGARUH PENERBITAN SUKUK TERHADAP REAKSI PASAR (SURVEY TERHADAP PERUSAHAAN-PERUSAHAAN YANG MENERBITKAN OBLIGASI SYARIAH YANG TERDAFTAR DIBURSA EFEK INDONESIA SELAMA TAHUN 2015)

2019 ◽  
Vol 4 (3) ◽  
pp. 496-503
Author(s):  
Mulya Iskandar ◽  
Ridwan Ridwan
Keyword(s):  
Stock Returns ◽  
Abnormal Return ◽  
Research Method ◽  
Quantitative Research ◽  
Stock Exchange ◽  
Secondary Data ◽  
Cumulative Abnormal Return ◽  
Market Reactions ◽  
Independent Variables ◽  
The Relationship

This study aims to determine how the influence of a sukuk instrument issuance on market reactions listed on the Indonesia Stock Exchange (IDX) during 2015. The research method used in this study is quantitative research. Quantitative research contains a relationship between cause and effect. The type of data used is secondary data, data collection used by the author is to know the relationship between two or more variables. The object to be examined in this study is the total value and rating of the issuance of Islamic bonds (sukuk) companies as independent variables and cumulative abnormal return shares of companies that issue Islamic bonds (sukuk) listed on the Indonesia Stock Exchange in 2015. The results of this study indicate the value of sukuk bond issuance and sukuk bond issuance ratings jointly affect stock returns. The value of issuing sukuk bonds partially affects stock returns and the rating of bond issuance has an effect on return.

scholarly journals INFORMATION COVERAGE IN FINANCIAL STATEMENTS: PRACTICAL EXPERIENCE IN THE APPLICATION OF IAS AND IFRS

2021 ◽  
Vol 5 (40) ◽  
pp. 276-287
Author(s):  
O. Yarmoliuk ◽  
О. Hubaryk ◽  
Т. Savanchuk ◽  
О. Dmytrenko ◽  
N. Khomiak
Keyword(s):  
Information Disclosure ◽  
Financial Statements ◽  
Practical Experience ◽  
Jel Classification ◽  
International Standards ◽  
Position Information ◽  
Financial Position ◽  
Methodological Aspects ◽  
A Current

Abstract. The information demands of a globalized society are forcing businesses to produce financial statements that meet the requirements of all stakeholders. The purpose of the article was to assess what information entities disclose in the financial statements prepared in accordance with IAS and IFRS, and what conflicts arise. Theoretical and methodological aspects of the results of scientists prove the importance of information disclosure in the financial statements prepared in accordance with IFRS. At the same time, the issue of disclosure of information in the financial statements remains open, taking into account the needs of current activities of enterprises. In view of this, there is a need to: study the provision of users of financial statements with information, the disclosure of which provides for international standards; testing hypotheses about the need to study the differences between the types of financial statements provided for in IFRS and IAS and reviewing the long-term liability in the event of early repayment. Based on the analysis, it is established that the information required for disclosure in the financial statements determines the type of financial statements. The conducted research testifies to the presence of gaps in IFRS in the order of compilation and information content of the combined reporting. It is proposed that the combined financial statements be prepared by entities that for one reason or another do not meet the requirements of IFRS 10. It is established that an important condition for reliable reflection in the Statement of financial position information on long-term credit is the need to analyze during the year. It is proposed to consider part of the long-term loan in the form of payments, which must be repaid within twelve months from the date of reporting, as a current liability. This approach requires reclassifying existing credit from long-term to current liabilities, which will lead to further changes in cash flow estimates, adjusting the carrying amount of liabilities. The results of the study can be used by practitioners in various sectors of the economy in the formation of financial statements in accordance with IFRS. Keywords: financial statements, IFRS reporting, financial results, enterprise, standards, accounting, IFRS, IAS. JEL Classification M40, M 41, M 48 Formulas: 0; fig.: 1; tabl.: 1; bibl.: 19.

scholarly journals Can Rumor Clarification Eliminate the Effects of Rumors?

2020 ◽  
Vol 11 (1) ◽  
pp. 48-62 ◽  
Author(s):  
Peinan Ji ◽  
Xiangbin Yan ◽  
Guang Yu
Keyword(s):  
Stock Returns ◽  
Event Study ◽  
Abnormal Return ◽  
Listed Companies ◽  
Cumulative Abnormal Return ◽  
Negative Sample ◽  
The Impact

This article analyzes the effects of rumor and official rumor clarification on Chinese stock returns under different rumor conditions using an event study. The results are based on a sample of 832 rumor clarification announcements from China Listed Companies spanning the period of 2015 to 2017. The results show that the average cumulative abnormal return after the rumor event is significantly positive in the positive rumor sample and neutral sample, and significantly negative in the negative rumor sample. After the clarification announcements, we find the announcements effective for the positive and neutral rumor sample, but not in the case of the negative sample. However, by comparing different clarification times of each sample, we find that the earlier the clarification time is, the smaller the impact on the companies in positive and negative rumor examples.

scholarly journals Information Content of Implicit Spot Prices Embedded in Single Stock Future Prices: Evidence from Indian Market

2017 ◽  
Vol 16 (2) ◽  
pp. 169-187 ◽  
Author(s):  
Rajesh Pathak ◽  
Thanos Verousis ◽  
Yogesh Chauhan
Keyword(s):  
Stock Returns ◽  
Information Content ◽  
Stock Exchange ◽  
Jel Classification ◽  
Spot Price ◽  
Spot Prices ◽  
Pricing Errors ◽  
Pricing Error ◽  
The Difference ◽  
Cost Of Carry

This study examines the information content of pricing error, measured by the difference between the implied price computed using the cost of carry model and the spot price of Single Stock Futures (SSFs), traded on National Stock Exchange (NSE), India. The returns of portfolios, based on ranking of such pricing errors, are investigated. The consistency of results is verified by controlling for established risk factors, that is, market, size, value and momentum premium, and idiosyncratic factors such as firm’s liquidity and size. Our study reveals that the pricing error is a priced risk factor that contains incremental information about stock returns of day t, and not beyond. We conclude that implied spot prices from stock futures market are useful for traders to profit in the spot market. JEL Classification: G120, G130

scholarly journals Faktor-Faktor Fundamental, Kondisi Makro Ekonomi dan Return Saham Perusahaan Pertambangan di Bursa Efek Indonesia

1970 ◽  
Vol 1 (01) ◽  
Author(s):  
Sailendra Sailendra ◽  
Suratno Suratno
Keyword(s):  
Stock Returns ◽  
Stock Prices ◽  
Raw Materials ◽  
Jel Classification ◽  
Mining Company ◽  
Book Value ◽  
Macroeconomic Conditions ◽  
Fundamental Factor ◽  
High Return ◽  
The Government

A B S T R A C T The main goal is to get investors to invest a high return. The mining company is an industry sector that gives investors hope to get high returns because the sector is undergoing a lot of changes in regulation since 2008. The government has tried to protect the export of raw materials mining and requires employers to process before being exported. Macroeconomic conditions and fundamental factor is that many factors affect stock prices. This study aimed to prove the effect of fundamental factors and macroeconomic conditions toward stock returns on mining companies. The results showed that there are significant fundamental factors and macroeconomic conditions toward stock returns. Fundamental factors that affect the return is the ratio of price to book value, while the macro-economic conditions which proved to affect the return is inflation. A B S T R A K Tujuan utama investor berinvestasi adalah mendapatkan return yang tinggi. Perusahaan tambang merupakan sektor industri yang memberikan harapan investor untuk mendapatkan return tinggi karena sektor ini mengalami banyak perubahan regulasi sejak tahun 2008. Pemerintah berupaya memproteksi ekspor bahan mentah tambang dan mewajibkan pengusaha untuk mengolahnya sebelum diekspor. Kondisi ekonomi makro dan faktor fundamental merupakan faktor yang banyak mempengaruhi harga saham. Penelitian ini bertujuan untuk membuktikan pengaruh faktor fundamental dan kondisi ekonomi makro terhadap return saham pada perusahaan tambang. Hasil penelitian adalah terdapat pengaruh faktor fundamental dan kondisi ekonomi makro terhadap return saham. Faktor fundamental yang ditemukan berpengaruh adalah rasio price to book value, sedangkan kondisi ekonomi makro yang terbukti berpengaruh adalah inflasi. JEL Classification: G14, F62

scholarly journals Causality of Economic Growth and Openness in ASEAN-5

2019 ◽  
Vol 4 (1) ◽  
pp. 01-09
Author(s):  
Yarlina Yacoub ◽  
Nindya Lestari
Keyword(s):  
Economic Growth ◽  
International Trade ◽  
Granger Causality ◽  
Random Effect ◽  
The Philippines ◽  
Jel Classification ◽  
Global Market ◽  
Panel Regression ◽  
Causality Test ◽  
The Relationship

Objective - This study aims to determine the relationship between FDI and trade and its effect on economic growth in ASEAN-5 countries using the Engel-Granger causality method. Methodology/Technique - The study uses OLS panel regression analysis to identify the relationship between the variables in each country. The results of the Engel-Granger causality test indicate that there is a two-way relationship between economic growth and FDI, and economic growth and international trade. Findings - When tested together through panel regression, it is concluded that the best model is a random effect method (REM) in which FDI and international trade significantly influence economic growth in the same direction. However, the relationship between FDI and international trade and its effect on economic growth in Indonesia, the Philippines and Thailand was negative, whilst in Malaysia and Singapore the relationship has a directional trend. Novelty - To reinforce the FDI inflows, authorities should continue the progressive reduction of barriers, and increase the sophistication of quality exports to compete in the global market. This paper is the first of its kind to analyze the role of both FDI and exports in the ASEAN5 economies using panel analysis. Type of Paper: Empirical. Keywords: Economic Growth; FDI; Openness; Engle-Granger Causality. JEL Classification: F02, F10, F41. DOI: https://doi.org/10.35609/jber.2019.4.1(1)

scholarly journals Qualitative Information Disclosure: Is Mandating Additional Tax Information Disclosure Always Useful?

2021 ◽  
Author(s):  
Katarzyna Anna Bilicka ◽  
Elisa Casi-Eberhard ◽  
Carol Seregni ◽  
Barbara Stage
Keyword(s):  
Information Disclosure ◽  
Qualitative Information

scholarly journals Pengaruh Struktur Modal dan Kemampulabaan Terhadap Return Saham Perusahaan Properti dan Real Estate Yang Terdaftar di BEI Tahun 2013-2015

2020 ◽  
Vol 8 (1) ◽  
pp. 19-28
Author(s):  
Wadudi Wibowo ◽  
Ani Mekaniwati
Keyword(s):  
Real Estate ◽  
Capital Structure ◽  
Stock Returns ◽  
Financial Analysis ◽  
Secondary Data ◽  
Financial Information ◽  
Panel Regression ◽  
Independent Variables ◽  
Property Companies ◽  
Two Independent Variables

This research is to acknowledge the influence of capital structure and profitability to the stock returns of the listed real estate and property companies in BEI on 2013-2015. This research consists of two independent variables regarding capital structure and profitability, and one dependent variable regarding stock returns. Data used is secondary data which could be accessed from www.idx.co.id . The hypothesis testing in this research uses data panel regression model. The results are: 1) positive & significant results between DER towards capital returns 2) positive & significant results between NPM towards capital returns. The contributions for potential investors, this research was hoped to increase the knowledges of financial information of the companies specialised in real estate & properties sector. Also hoped to give good contributions to discussion on financial analysis particularly related with DER, NPM & capital returns.   Keywords : capital structure, profitability, stock returns, and data panel regression

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