scholarly journals Voting Premium in Italy: An Analysis over a 30-Year Period

2018 ◽  
Vol 14 (1) ◽  
pp. 206
Author(s):  
Antonio Salvi ◽  
Emanuele Teti ◽  
Anastasia Giakoumelou ◽  
Felice Petruzzella
Keyword(s):  
Stock Market ◽  
Empirical Analysis ◽  
Tax Rate ◽  
Control Premium ◽  
Voting Premium ◽  
The Impact

We investigate the different aspects affecting the control premium by carrying out an empirical analysis on the respective in the Italian stock market since 1987 employing the Voting Premium methodology. We demonstrate how the introduction of new regulations in this field in 2012 has contributed to a substantial premium reduction. The impact of the aforementioned regulations needs to be examined within the macroeconomic setting that has distinguished the period of reference, particularly the last decade, within which the decision to raise the tax rate on financial yields needs to be contextualized.

scholarly journals The Impact of Austerity Measures on Government Borrowing in GIIPS

2016 ◽  
Vol 8 (12) ◽  
pp. 106 ◽  
Author(s):  
Imre Ersoy ◽  
Talha Yanmaz
Keyword(s):  
Empirical Analysis ◽  
Rate Increase ◽  
Panel Cointegration ◽  
Government Debt ◽  
Cointegration Test ◽  
Tax Rate ◽  
Economic Agents ◽  
Panel Cointegration Test ◽  
Using Data ◽  
The Impact

The article investigates the effects of austerity measures on government debt in Greece, Ireland, Italy, Portugal and Spain (GIIPS) by employing panel cointegration test and using data between 1998 and 2014. The result of empirical analysis shows that tax rate increase on personal income did not result with decrease in government debt. Interest rate and wage that are control variables are also positively related with government debt levels. The result of this empirical analysis suggests that the impact of austerity measures on government borrowing in GIIPS is positive, despite the expectations of certain economic agents.

scholarly journals A Tale of the Ticker; Stock Market Capacity Building Hegemony and Temporal Performance in the Emerging Economies

2020 ◽  
Vol 6 (1) ◽  
pp. 33-52
Author(s):  
Areeba Khan ◽  
Imran Sharif Chaudhry ◽  
Sohail Saeed ◽  
Muhammad Kamran Shahid
Keyword(s):  
Stock Market ◽  
Capacity Building ◽  
Stock Exchange ◽  
Political Stability ◽  
Series Data ◽  
Tax Rate ◽  
Market Capitalization ◽  
The Impact ◽  
Stock Market Capitalization

This paper aims to examine stock market with a capacity building perspective for economic growth, focusing on the factors that enhance stock market capitalization in the long term. This study evaluates cross country series data of 26 emerging countries listed at MSCI index, through a period of 2006 to 2019. The data were collected through World Bank, Pakistan Stock Exchange and SECP database. Vector Error correction model and Multiple Regression analysis were applied on data to analyze the impact of assorted factors on stock market capitalization to GDP as a measure of long term capacity. The findings suggest that political stability and corporate tax rate are two important factors that may have significant impact on stock market capitalization to GDP. This research is different from all past researches with respect to methodological, aeon and acclimatization perspective. Capacity building is a relatively new phenomenon adopted from complex adaptive ecosystems and most studies in this area are of theoretical nature. Moreover, the fact that this research has considered not only the long term but also short-term market capitalization perspective, adds to its overall value and originality.

scholarly journals Periodic Analysis of the Relationship between Gold, Crude Oil, Exchange Rate and India’s Stock Market

2021 ◽  
Vol 2 (1) ◽  
pp. 28-43
Author(s):  
Dr. Anil Kumar Kanungo ◽  
Puneet Dang
Keyword(s):  
Exchange Rate ◽  
Stock Market ◽  
Crude Oil ◽  
Empirical Analysis ◽  
Global Financial Crisis ◽  
Crisis Period ◽  
Periodic Analysis ◽  
Time Periods ◽  
The Impact ◽  
The Relationship

Purpose: The purpose of this paper is to find out the relationship between price of Gold, price of Crude Oil, Exchange Rate of India, and India’s stock market. The research has been done on Pre-COVID time periods to analyse the relationship in scenarios like pre-global financial crisis, during crisis and post crisis. The authors incorporate the data from pre-crisis phases i.e., 2005 to 2019, to find out the relationship between the variables using Granger causality test, Johansen’s Cointegration, and Vector Autoregression. To study the spill-over effect on India’s stock market, regression has been used. The empirical results indicate that for the Pre-Crisis and Post-Crisis periods, “Gold” does granger cause “USDINR”, for all three periods “Crude oil” does granger cause “Gold”, for the crisis and post crisis periods “Gold” does granger cause “Crude oil”, for the post crisis period “USDINR” does granger cause “Crude oil”. No other causality relationship was established with the help of this empirical analysis. Johansen’s cointegration test revealed that no cointegration exists amongst the three variables. The impact of exchange rate on India’s stock market has changed as compared to the previous time periods. Exchange rate was inversely related to the stock markets for the Pre-Crisis and Crisis periods and is directly related to the stock market for the Post-Crisis period. This study adds to the existing literature on the variables, by using phase wise data and performing empirical analysis to find out the relationship between the variables. Not many literature demonstrate together the relationship among these three variables in three different periods. This is a significant gap that the study aimed to address.

Periodic Analysis of the Relationship between Gold, Crude Oil, Exchange Rate and India’s Stock Market

2020 ◽  
Vol 2 (1-2) ◽  
pp. 28-43
Author(s):  
Anil Kumar Kanungo ◽  
Puneet Dang
Keyword(s):  
Exchange Rate ◽  
Stock Market ◽  
Crude Oil ◽  
Empirical Analysis ◽  
Global Financial Crisis ◽  
Crisis Period ◽  
Periodic Analysis ◽  
Time Periods ◽  
The Impact ◽  
The Relationship

Purpose: The purpose of this paper is to find out the relationship between price of Gold, price of Crude Oil, Exchange Rate of India, and India’s stock market. The research has been done on Pre-COVID time periods to analyse the relationship in scenarios like pre-global financial crisis, during crisis and post crisis. The authors incorporate the data from pre-crisis phases i.e., 2005 to 2019, to find out the relationship between the variables using Granger causality test, Johansen’s Cointegration, and Vector Autoregression. To study the spill-over effect on India’s stock market, regression has been used. The empirical results indicate that for the Pre-Crisis and Post-Crisis periods, “Gold” does granger cause “USDINR”, for all three periods “Crude oil” does granger cause “Gold”, for the crisis and post crisis periods “Gold” does granger cause “Crude oil”, for the post crisis period “USDINR” does granger cause “Crude oil”. No other causality relationship was established with the help of this empirical analysis. Johansen’s cointegration test revealed that no cointegration exists amongst the three variables. The impact of exchange rate on India’s stock market has changed as compared to the previous time periods. Exchange rate was inversely related to the stock markets for the Pre-Crisis and Crisis periods and is directly related to the stock market for the Post-Crisis period. This study adds to the existing literature on the variables, by using phase wise data and performing empirical analysis to find out the relationship between the variables. Not many literature demonstrate together the relationship among these three variables in three different periods. This is a significant gap that the study aimed to address.

The Impact of Property Characteristics on Economic Performance of Russian Industrial Enterprises

2005 ◽  
pp. 53-68 ◽  
Author(s):  
R. Kapeliushnikov ◽  
N. Demina
Keyword(s):  
Detailed Analysis ◽  
Economic Performance ◽  
Ownership Concentration ◽  
Corporate Sector ◽  
Concentrated Ownership ◽  
Industrial Enterprises ◽  
Russian Industry ◽  
Control Premium ◽  
And Performance ◽  
The Impact

The paper provides new survey evidence on effects of concentrated ownership upon investment and performance in Russian industrial enterprises. Authors trace major changes in their ownership profile, assess pace of post-privatization redistribution of shareholdings and provide evidence on ownership concentration in the Russian industry. The major econometric findings are that the first largest shareholding is negatively associated with the firm’s investment and performance but surprisingly the second largest shareholding is positively associated with them. Moreover, these relationships do not depend on identity of majority shareholders. These results are consistent with the assumption that the entrenched controlling owners are engaged in extracting "control premium" but sizable shareholdings accumulated by other blockholders may put brakes on their expropriating behavior and thus be conductive for efficiency enhancing. The most interesting topic for further more detailed analysis is formation, stability and roles of coalitions of large blockholders in the corporate sector of post-socialist countries.

Overcoming stereotypes of renewable energy

2019 ◽  
pp. 124-136
Author(s):  
Victor D. Gazman
Keyword(s):  
Renewable Energy ◽  
Empirical Analysis ◽  
Energy Generation ◽  
New Paradigm ◽  
Financial Instrument ◽  
Promising Direction ◽  
Investment Projects ◽  
Power Stations ◽  
New Generation ◽  
The Impact

The article considers prerequisites for the formation of a new paradigm in the energy sector. The factors that may affect the imminent change of leadership among the energy generation are analyzed. The variability of the projects of creation and functioning of power stations is examined. The focus is made on problematic aspects of the new generation, especially, storage and supply of energy, achieving a system of parity that ensures balance in pricing generations. The author substantiates the principles of forming system of parities arising when comparing traditional and new generations. The article presents the results of an empirical analysis of the 215 projects for the construction of facilities for renewable energy. The significance and direction of the impact of these factors on the growth in investment volumes of transactions are determined. The author considers leasing as an effective financial instrument for overcoming stereotypes of renewable energy and as a promising direction for accelerated implementation of investment projects.

Sign in / Sign up

Export Citation Format

Share Document