Insider Transactions and Performance

2022 ◽  
pp. 340-353
Author(s):  
Maria Elisabete Neves ◽  
Germano Maurício ◽  
Lucas Rodrigues

This study investigates the relevance of stock buy/sell transactions by insiders in Portuguese companies' performance. To achieve this aim, the sample covers the period from 2013 to 2017. The data from buy/sell transactions by insiders were collected in the internal transaction reports delivered by the companies to the Portuguese Securities Market Commission for the same time interval. The results, using panel data methodology, suggest a negative relationship between the long/short positions and the companies' performance, although the volume traded is not significant. Therefore, the increased control of Portuguese companies by their managers signals the existence of conflicts of interest of the managers, whether due to financial reasons or to strengthen their continuity in the position. As far as the authors are aware, this is the first time that a study has been carried out using insider transactions for Portuguese companies and their influence on corporate performance.

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Maria Elisabete Duarte Neves ◽  
Luís Baptista ◽  
António Gomes Dias ◽  
Inês Lisboa

PurposeThis paper aims to analyze the determinants of Portuguese energy companies' performance.Design/methodology/approachTo achieve our objective, we have used data from 457 Portuguese energy companies, in the period between 2011 and 2018. Three dependent variables were tested using panel data, through the generalized method of moments (GMM) estimation method.FindingsThe results point out that the determinants of companies' performance change according to how different stakeholders appreciate corporate performance. In general, shareholders are concerned with maintaining their levels of profitability over time as well as with the company's market image. Managers are centered on maintaining solid margins on EBITDA through good management of cash flow, leverage and current assets. For the rest of the stakeholders, including global society, debt and investments in tangible fixed assets reduce profitability while investments in immaterial assets help to create value and performance for energy companies.Originality/valueAs far as the authors are aware, this is the first time that a study has been carried out in the Portuguese energy sector using the GMM-system model for three different stakeholders' views of corporate performance determinants.


2015 ◽  
Vol 2 (2) ◽  
pp. 45-50
Author(s):  
Fredrick Onyango Odhiambo ◽  
Nixon Oduor Omindi

This study examines the relationship between government ownership and performance of listed firms on the Nairobi Securities Exchange. The quadratic term of government ownership is included in the model to test for the effect of increasing government ownership levels on performance. We use panel data techniques on 102 firm-year observations between 2003 and 2013 for all the listed firms in which the government directly owns some shares. We find no relationship between government ownership and performance at lower levels of government ownership. We find a negative relationship between government ownership and performance at higher levels of government ownership. We estimate, through differentiation of the Tobin’s Q model, that government ownership has a negative effect on performance when government ownership exceeds 41%. The study concludes that lower government ownership levels do not affect firm performance but as the ownership rises, government ownership has a detrimental effect on firm performance. We provide implications of these results for policy and practice. JEL Classifications Code: G34


2019 ◽  
Vol 7 (6) ◽  
pp. 232596711985419 ◽  
Author(s):  
Bhavik H. Patel ◽  
Kelechi R. Okoroha ◽  
Toufic R. Jildeh ◽  
Yining Lu ◽  
Alexander J. Idarraga ◽  
...  

Background: The effect of concussions on professional athletes has been investigated in many sports. However, few studies have evaluated concussions in National Basketball Association (NBA) players. Hypothesis: We hypothesized that concussion incidence has increased, yet the return-to-play (RTP) rate will remain high following the institution of the NBA concussion policy (NBACP). We also hypothesized that the incidence of repeat concussions will be similar to first occurrences and that player performance and game availability will not be significantly affected by sustaining a concussion. Study Design: Descriptive epidemiology study. Methods: Publicly available records were searched to identify all concussions from NBA seasons 1999-2000 to 2017-2018. Player demographics and information regarding career history were tabulated. Incidence of concussion and RTP timing were evaluated before and after institution of the NBACP (2011). Minutes per game and game score per minute were evaluated pre- versus postconcussion. Player availability and performance were also compared with an age-, body mass index–, position-, and experience-matched control group of players who did not sustain a concussion. Results: A total of 189 concussions were reported in the NBA from 1999 to 2018, with a mean ± SD incidence of 9.7 ± 7.3 concussions per season. Following implementation of the NBACP, incidence significantly increased from 5.7 ± 2.8 to 16.7 ± 7.5 concussions per season ( P = .007). All players returned to play following first-time concussion after missing 7.7 ± 8.6 days and 3.5 ± 4.1 games. RTP time was not significantly different after implementation of the NBACP (games missed, P = .24; days missed, P = .27), and there was no difference in concussion-free time interval ( P = .29). Game score per minute and minutes per game were not significantly affected by sustaining a concussion (both P > .05). Conclusion: Concussion incidence in NBA players is approximately 17 instances per season since the 2011 institution of a league-wide concussion policy. The number of reported concussions significantly increased following the policy, in line with trends seen in other professional sports leagues. Players have retained a high rate of RTP after 3 to 4 missed games. Player performance and availability are not affected by sustaining a concussion following successful RTP.


GIS Business ◽  
2018 ◽  
Vol 13 (2) ◽  
pp. 29-47
Author(s):  
Vibha Tripathi

The study tries to investigate the key determinants of capital structure of leading automobile companies and the Automobile Industry in India. The study also tracks the theory implications, i.e. trade off vs. pecking order in these firms and the industry in general. An attempt is to see, if individually each sample company and the whole industry are influenced by the same determinants of capital structure. Pooled ordinary least squares and panel data econometric techniques such as fixed effect models are used to investigate the most significant determinants that affect the capital structure choice of 10 leading companies categorized as BSE Auto Top 100 and the Automobile Industry as a whole for a period of 14 years from 2000–2001 to 2013–2014. The study reveals some interesting facts and results. Multiple regression analysis reveals that while profitability and size are significant determinants in most of the leading companies; NDTS, Growth, and Debt service coverage ratio are not significant for these companies. While the Panel data results of the Automobile Industry as a whole reveals that profitability is the only significant determinant having negative relationship with debt equity ratio; and the other variables are insignificant. Also individual companies coefficient results shows implications of mix of pecking order and trade off theories while the panel data results of the whole Industry strongly supports the Pecking order theory.


Author(s):  
N. Yakovchuk

The chamber-instrumental ensemble music in the Ukrainian musical culture of the last third of the 20th and the beginning of the 21st centuries occupies one of the leading places and is characterized by powerful processes in its development. Such circumstances caused the Ukrainian musicologist interests to the problems of chamber-instrumental music creativity and performance. There are appeared researches in the field of theory, history and performance problems covering the most important questions like chamber music definitions, specific genre issues, the growing function of piano in the Ukrainian chamber music, the increasing questions of technique and timbre importance of modern instrumental ensembles. In the significant multifaceted creative work of contemporary Ukrainian composer, Oleksandr Yakovchuk, the genre of chamber instrumental ensemble music represents a complex and interesting phenomenon. Original and skillfully written compositions reflect artistic world of the composer of postmodern time and gained recognition in music life of Ukraine and beyond. These works are highly appreciated in performing practice of our days. The purpose of the article is to analyze the work — “Little Trio” for clarinet, bassoon and piano (1980), which has the signs of neoclassical tendency in the composer’s style. The methodological basis of this research is a comprehensive approach in theoretical understanding of the subject of research (the methods of textology, source study as well as the method of interviewing the author were used). The scientific novelty of this article is in the priority of its main provisions, since the “Little Trio” entered the scientific circulation for the first time. The three-movement “Little Trio” (1980) is notable for the light feeling of timbre colours and the shape clarity. The Ist movement — Allegretto giocoso — is written in a sonata form following all classical traditions. Quite interesting are the two monologues of clarinet and bassoon from the IInd movement, they represent very modern line in Ukrainian chamber music — the possibility of sincere confession which comes through the solo cadence. In the IIIrd movement, the composer took advantage from the folk Ukrainian dance “hopak” using the rhythm of it and creating dance character of the Final.


2020 ◽  
Vol 27 (5) ◽  
pp. 245-256
Author(s):  
Cemil Aymak ◽  
Aşkın Hasan Uçar ◽  
Yusuf Katılmış ◽  
Eyup Başkale ◽  
Serap Ergene

In this study invertebrate infestation in green turtle (Chelonia mydas) nests were recorded for the first time for Kazanlı beach, Mersin, Turkey. For this aim, in 2006 nesting season, 294 natural intact green turtle nests were sampled to examine their contents and invertebrate infestation was found in 76 (25.85% of the total sampling green turtle nests). These infested nests were examined in terms of the invertebrate faunal composition. The specimens found in the green sea turtle nests were identified to order, family or genus levels and they were represented in 5 orders. These invertebrate groups are Elater sp. larvae (Elateridae; Coleoptera), Pimelia sp. larvae (Tenebrionidae; Coleoptera), Enchytraeidae (Oligochaeta), Cyrptostigmata (Acari), Oniscidae (Isopoda), Formicidae (Hymenoptera). Elater sp. was the most common invertebrate group in the green turtle nests. According to student t test, we found statistically significant differences between 7 independent variables and invertebrate species presence. Furthermore, logistic regression analysis explained that there is a negative relationship between hatching success rate and invertebrate species presence.


Author(s):  
Madhvi . ◽  
Amit Gautam ◽  
Amit Srivastava

This paper examines the relationship between NPA announcements by banks and the impulsive movement in stock price brought out by these announcements. Primary focus of this study is to determine whether we can create a swing trading model based on back testing the data for the banking stocks listed on the Indian bourses.To achieve this objective we created a databasespanning ten years (2006 to 2016) and collected the daily share prices of eight banks listed on Bombay Stock Exchange (BSE). The relationship between share price and changes in NPA is studied on the basis of correlation studies and panel-data analysis. Although correlation studies does not establish any significant relationship, but the result of panel-data analysis clearly shows a negative relationship between the two. The result is further utilized to develop swing trading model and get benefit out of it. The novelty of the present study is that it clearly guides the swing traders as to how to earn benefit because of fluctuations in share price due to announce of NPA result.


2015 ◽  
Vol 31 (3) ◽  
pp. 291-300 ◽  
Author(s):  
Dennis M. Bline ◽  
Stephen Perreault ◽  
Xiaochuan Zheng

ABSTRACT While many colleges and universities publicize CPA examination pass rates as evidence of having a high-quality accounting program, some have questioned whether program-specific characteristics are legitimate predictors of examination success. To examine this issue, we empirically investigate the link between accounting faculty characteristics and performance on the CPA examination. We examine the results from nearly 700,000 first-time exam sittings taken during the period 2005–2013 and find that faculty research and teaching specialization has a significant impact on CPA exam performance. That is, when a program has a relatively higher percentage of accounting faculty with expertise in a particular content area tested on the exam (e.g., auditing), graduates achieve higher scores on the related exam section (e.g., AUD). We also find that faculty research productivity and CPA certification status are positively related to candidate exam performance. We believe these results contribute to the existing literature on the determinants of CPA exam success and also provide important insights to those responsible for accounting faculty staffing and development.


2021 ◽  
pp. 089976402199166
Author(s):  
Hans-Peter Y. Qvist

The nature of the relationship between the time people spend on paid work and volunteering remains debated in the social sciences. Time constraint theory suggests a negative relationship because people can allocate only as much time to volunteering as their work responsibilities permit. However, social integration theory suggests a more complex inverse U-shaped relationship because paid work not only limits people’s free time but also plays a key role in their social integration. Departing from these competing theories, this study uses two-wave panel data from Denmark to examine the relationship between hours of paid work and volunteering. In support of time constraint theory, the results suggest that hours of paid work have a significant negative effect on the total number of hours that people spend volunteering, not mainly because paid work hours affect people’s propensity to volunteer but because they affect the number of hours that volunteers contribute.


Mathematics ◽  
2021 ◽  
Vol 9 (8) ◽  
pp. 868
Author(s):  
Khrystyna Prysyazhnyk ◽  
Iryna Bazylevych ◽  
Ludmila Mitkova ◽  
Iryna Ivanochko

The homogeneous branching process with migration and continuous time is considered. We investigated the distribution of the period-life τ, i.e., the length of the time interval between the moment when the process is initiated by a positive number of particles and the moment when there are no individuals in the population for the first time. The probability generating function of the random process, which describes the behavior of the process within the period-life, was obtained. The boundary theorem for the period-life of the subcritical or critical branching process with migration was found.


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