scholarly journals Portfolio Selection and Performance Evaluation Through Benjamin Graham’s Value Investing

2020 ◽  
Vol 4 (2) ◽  
pp. 11-16
Author(s):  
Vinay Kumar Srivastava ◽  
Nitin Kulshrestha
Keyword(s):  
Stock Exchange ◽  
Practical Implication ◽  
Jel Classification ◽  
Value Investing ◽  
The Mean ◽  
And Performance ◽  
Indian Stock Market ◽  
The Empirical Analysis ◽  
Practical Impact ◽  
Passive Strategy

Purpose: The objective of this study is to validate the value investing concerning filtering valued stock in the Indian stock market (Nifty 50) & United States (Dow Jones) during the period 2014 -20. Design /Methodologies/Approach:  We have selected the data of the National Stock Exchange and Dow Jones to apply the value investing technique for choosing the stocks and building a significant portfolio. Further, we compare the mean returns of B & H passive strategy. The empirical analysis includes the selected portfolio from Jan 2014 to May 2020. Results & Practical Implication: The mean return of portfolio selected by Value investing outperform as comparative to passive strategy, i.e. Buy & Hold strategy. The successful application of value investing will encourage the practitioners & academicians of financial markets to research & explore further uses & practical impact of the present study. JEL Classification Codes: F37.                          

scholarly journals Short Term Performance Analysis of IPOs in India

2018 ◽  
Vol 8 (11) ◽  
pp. 392-403
Author(s):  
Naveen Ramesh Yadav ◽  
Hirak Dasgupta ◽  
Rashmy Moray
Keyword(s):  
Performance Analysis ◽  
Stock Market ◽  
Stock Exchange ◽  
Short Term ◽  
Important Conclusion ◽  
The Mean ◽  
Indian Stock Market ◽  
Term Performance ◽  
Relative Valuation ◽  
Year 2013

The research is aimed at the short term IPO returns that are issued on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). The evaluation of IPO is done on the basis of the returns generated on the day of issue, 10 and 30 days after the day of issue. The significance of this paper can be realized from the fact whether the return generated in short term in comparison to the market are more or less i.e. the IPO has outperformed the index as a benchmark. The study includes a sample of 28 IPO’s issued from the year 2013 to 2015. The results showed that the mean % performance of IPO on the day of issue, 10 and 30 days after the day of issue is 9%, 10% and 10% respectively for NSE and 8%, 9% and 14% respectively for BSE. The above results are also supported with relative valuation index which thus brings us to a very important conclusion that the Indian Stock market provides significant returns within 30 days from the date of issue of share.

scholarly journals MEASURING PERFORMANCE BY INTEGRATING K-MEDOIDS WITH DEA: MONGOLIAN CASE

2019 ◽  
Vol 20 (6) ◽  
pp. 1238-1257
Author(s):  
Batchimeg Bayaraa ◽  
Tibor Tarnoczi ◽  
Veronika Fenyves
Keyword(s):  
Decision Making ◽  
Performance Measurement ◽  
Stock Exchange ◽  
Financial Statements ◽  
Efficiency Score ◽  
Data Envelopment ◽  
Clustering Method ◽  
The Mean ◽  
And Performance ◽  
Decision Making Units

Performance measurement encourages Decision Making Units (DMUs) to improve their level of performance by comparing their current financial positions with that of their peers. Data Envelopment Analysis (DEA) is a widely used approach to performance measurement, though it is susceptible when the data is heterogeneous. The main objective of this study is to examine the performance of Mongolian listed companies by combining DEA and a k-medoid clustering method. Clustering facilitates the characterization and patterns of data and identification of homogenous groups. This study applies the integration of k-medoids and performance measurement. The research used 89 Mongolian companies’ financial statements from 2012 to 2015 - obtained from the Mongolian Stock Exchange website. The companies are grouped by k-medoids clustering, and efficiency of each cluster is evaluated by DEA. According to the silhouette method, the companies are classified into two clusters which are considered first cluster as small and medium-sized (80), and second cluster as big (9) companies. Both clusters are analyzed and compared by financial ratios. The mean efficiency score of big companies’ is much higher than that of small and medium-sized companies. Integrated results show that cluster-specific efficiency provides better performance than pre-clustering efficiency results.

Determinants of Initial and Long-Run Performance of IPOs in Indian Stock Market

2008 ◽  
Vol 4 (4) ◽  
pp. 24-37 ◽  
Author(s):  
Shikha Sehgal ◽  
Balwinder Singh
Keyword(s):  
Stock Market ◽  
Initial Public Offerings ◽  
Stock Exchange ◽  
Public Offerings ◽  
International Evidence ◽  
Long Run ◽  
Overreaction Hypothesis ◽  
The Mean ◽  
Indian Stock Market ◽  
Very High

The paper investigates the possible determinants of underpricing and the long-run performance of 438 Indian initial public offerings (IPOs) listed on the Bombay Stock Exchange during June 1992 – March 2001. The mean underpricing has been found to be 99.20 per cent, which is very high if compared with the international evidence. Age of the firm, listing delay at IPO and number of times the issue is subscribed have been found to be the important determinants of underpricing. Indian IPOs do not tend to underperform in the long-run and underpricing has been primarily found to explain the long-run performance. The study, thus provides evidence of overreaction hypothesis.

scholarly journals Corporate governance and performance: An analysis of Italian listed companies

2020 ◽  
Vol 16 (1) ◽  
pp. 8-18
Author(s):  
Franco Ernesto Rubino ◽  
Giovanni Bronzetti ◽  
Graziella Sicoli ◽  
Maria Baldini ◽  
Maurizio Rija
Keyword(s):  
Corporate Governance ◽  
Performance Management ◽  
Stock Exchange ◽  
Listed Companies ◽  
Governance Structure ◽  
Company Performance ◽  
Accounting Performance ◽  
And Performance ◽  
The Relationship ◽  
The Empirical Analysis

In recent years, both corporate governance and performance management have been subjected to considerable changes. In this dynamic context, it is interesting to study the evolution of the relationship between performance and governance. Does governance still affect performance? The purpose of this paper is to verify the presence and intensity (extent) of the relationship between corporate governance and performance in Italian listed companies by using both accounting and non-accounting performance measures. The purpose of this paper is to investigate the effects of prior firm performance on board composition and governance structure of some companies listed on the Italian stock exchange, analysing how a governance approach influences the performance of sample companies. For the research the methodology used is quantitative and we used regression analysis on a sample of 23 Italian listed companies: mechanical companies and public utilities to find that the company's performance was positively related to the size of the board. The empirical analysis conducted allowed us to verify the hypothesis according to which the increase in Corporate Governance Best Practices influences company performance. However, the results we have received do not allow us to arrive at completely unequivocal interpretations. The results showed we have received do not allow us to arrive at completely unequivocal interpretations; the main limit is the sample size used in this study was relatively small.

scholarly journals Relationship of cash conversion cycle and PRGap with firm performance: an empirical study of Taiwanese companies

2016 ◽  
Vol 13 (3) ◽  
pp. 293-299 ◽  
Author(s):  
Wang-Tzu Lin ◽  
Min-Sun Horng ◽  
Jian-Hsin Chou
Keyword(s):  
Performance Indicators ◽  
Stock Exchange ◽  
Operating Performance ◽  
Jel Classification ◽  
Capital Management ◽  
Working Capital ◽  
Working Capital Management ◽  
Publicly Traded Companies ◽  
Cash Conversion Cycle ◽  
And Performance

The study investigates how working capital management (WCM) impacts the profitability and operating performance of publicly traded companies in Republic of China, Taiwan. The authors use the quarterly data of 539 stocks listed on the Stock Exchange of Taiwan from 2008 to 2015, containing 17,248 observations. The study examines whether two WCM variables, namely, the cash conversion cycle (CCC), as well as the gap between days of payables outstanding and days of sales outstanding (PRGap) have any significant effects on firm profitability and operating performance. The findings demonstrate that there are significantly negative relationships between the CCC and performance indicators, whereas there are consistent positive relationships between PRGap and performance indicators. Keywords: working capital management, performance, cash conversion cycle, PRGap, Tobin’s Q. JEL Classification: G30, G31, G32, M10

Relation of Statistically Significant, Abnormal, and Typical WAIS-R VIQ-PIQ Discrepancies to Full Scale IQs

2000 ◽  
Vol 16 (2) ◽  
pp. 107-114 ◽  
Author(s):  
Louis M. Hsu ◽  
Judy Hayman ◽  
Judith Koch ◽  
Debbie Mandell
Keyword(s):  
Graphical Method ◽  
The United States ◽  
Full Scale ◽  
True Score ◽  
Absolute Value ◽  
Normative Population ◽  
The Us ◽  
The Mean ◽  
And Performance ◽  
Quadratic Models

Summary: In the United States' normative population for the WAIS-R, differences (Ds) between persons' verbal and performance IQs (VIQs and PIQs) tend to increase with an increase in full scale IQs (FSIQs). This suggests that norm-referenced interpretations of Ds should take FSIQs into account. Two new graphs are presented to facilitate this type of interpretation. One of these graphs estimates the mean of absolute values of D (called typical D) at each FSIQ level of the US normative population. The other graph estimates the absolute value of D that is exceeded only 5% of the time (called abnormal D) at each FSIQ level of this population. A graph for the identification of conventional “statistically significant Ds” (also called “reliable Ds”) is also presented. A reliable D is defined in the context of classical true score theory as an absolute D that is unlikely (p < .05) to be exceeded by a person whose true VIQ and PIQ are equal. As conventionally defined reliable Ds do not depend on the FSIQ. The graphs of typical and abnormal Ds are based on quadratic models of the relation of sizes of Ds to FSIQs. These models are generalizations of models described in Hsu (1996) . The new graphical method of identifying Abnormal Ds is compared to the conventional Payne-Jones method of identifying these Ds. Implications of the three juxtaposed graphs for the interpretation of VIQ-PIQ differences are discussed.

Pengaruh Corporate Social Responsibility Terhadap Nilai Dan Kinerja Perusahaan Manufaktur

2011 ◽  
Vol 3 (1) ◽  
pp. 1-13
Author(s):  
Agustin Ekadjaja ◽  
Vony Vony
Keyword(s):  
Corporate Social Responsibility ◽  
Linear Regression ◽  
Confidence Level ◽  
Stock Exchange ◽  
Tobin’S Q ◽  
Manufacturing Companies ◽  
Simple Linear Regression ◽  
Tobin's Q ◽  
And Performance ◽  
Corporate Social

This study aims to determine the effect of CSR Index to the value and performance of manufacturing companies listed on the Indonesia Stock Exchange (BEI), and to find out how much the ability of the variable CSR Index in explaining the variable Tobin’s Q, ROA, and ROE manufacturing companies listed on Indonesia Stock Exchange (BEI). This study uses data sampled during the 75 years from 2007 to 2009. A statistical method used to test the research hypothesis is a simple linear regression model. Therefore, before performing hypothesis testing carried out tests of classical assumptions. The results of this study prove that, CSR Index has a significant effect on Tobin’s Q and ROE with 95% confidence level. However, CSR Index has no significant influence on ROA with 95% confidence level. Key words : CSR Index, Variabel Tobin’s Q, ROA, ROE

The Influence of Growth, Asset Tangibility, Cost of Debt, Profitability and Business Risk On Debt Capital

2019 ◽  
Vol 4 (4) ◽  
pp. 120-127
Author(s):  
Erika Jimena Arilyn ◽  
Beny Beny
Keyword(s):  
Firm Growth ◽  
Stock Exchange ◽  
Panel Data Analysis ◽  
Developed Countries ◽  
Jel Classification ◽  
Cost Of Debt ◽  
Market Condition ◽  
Business Risk ◽  
Debt Capital

Objective –The aims to identify the significant factors that influence a company’s decision to use debt capital. Methodology/Technique – This study uses 5 independent variables namely; firm growth (growth rate in total gross assets), asset tangibility (ratio of net fixed assets to total assets), cost of debt (interest before tax / long term debt), profitability (Earnings Before Interest and Taxes (EBIT) / Total Asset), and business risk (standard deviation of EBIT to total assets). The dependent variable in this study, debt capital, is measured by the ratio of long-term debt to total assets. A purposive sampling method is used to select 11 out of 18 textile and garment companies listed on the Indonesian Stock Exchange between 2014 and 2018 that report their annual financial positions. A quantitative method, panel data analysis technique and SPSS tools were also used in this study. Findings – The results show that debt capital is influenced by profitability, while the remaining factors do not influence debt capital. Novelty – This study adds to the existing literature on internal factors, market condition as an external factors, and debt capital in developed countries. The benefit of this study is to explore the potential capabilities of the industry in using its profit to minimize the use of debt as a source of capital to decrease business risk. Type of Paper: Empirical Keywords: Profitability; Growth; Cost of Debt; Business Risk; Tangibility; Capital Structure. Reference to this paper should be made as follows: Ariyln, E., J; Beny; 2019. The Influence of Growth, Asset Tangibility, Cost Of Debt, Profitability and Business Risk On Debt Capital, Acc. Fin. Review 4 (4): 120 – 127 https://doi.org/10.35609/afr.2019.4.4(4) JEL Classification: G23, G32.

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