scholarly journals Investigation of Co-Integration between Standard and Poor Index and Dow Jones Index in the New York Financial Market

2018 ◽  
Vol 10 (5) ◽  
pp. 197
Author(s):  
Ateyah Alawneh
Keyword(s):  
New York ◽  
Financial Markets ◽  
Negative Relationship ◽  
Global Market ◽  
International Financial Markets ◽  
Annual Data ◽  
Short Term ◽  
Jones Index ◽  
Integration Test

The study investigates the co-integration between (the S&P 500 index)and (Dow Jones index) the DJIA by busing the method Engle-granger co-integration Test. The study use annual data from 1990 to 2016.The study examines the stability of the index of S&P 500 and DJIA using the E-views program through a unit root test. The study found that the indicators are unstable, but they become stable when taking the first difference. This condition integrates (the S&P 500 index) and (the DJIA index) during the long-term co-integration test. The analysis shows that there is a negative co-integration between the two variables. It should be emphasized that the short-term dynamic analysis showed a positive co-integration between both indexes. The study concluded that there is an urgent need to take into account the long-term negative co-integration between (the S&P 500 index) and (the DJIA index) by investors in the New York market. Also, the study considers short-term positive integration between (the S&P 500 index) and (DJIA index), which turns into a negative relationship in the long term when  taking into account the markets linked with the New York market as a major global market and other international financial markets when making any financial investment. The result of this study could help users of major international financial markets in investment diversification to reduce risk.

scholarly journals Determinants of Capital Structure of Agricultural Firms in Kenya

2017 ◽  
Vol 13 (7) ◽  
pp. 277 ◽  
Author(s):  
John Brian Kinyua ◽  
Peter W Muriu
Keyword(s):  
Capital Structure ◽  
Positive Relationship ◽  
Negative Relationship ◽  
Positive Influence ◽  
Annual Data ◽  
Short Term ◽  
Fixed And Random Effects ◽  
Micro Level ◽  
Negative Link

This paper contributes to the capital structure literature by investigating the determinants of capital structure of agricultural firms in Kenya, using annual data for the period 2010-2015. An empirical model to analyze the determinants was specified and estimated using both fixed and random effects estimation techniques. The estimation results provide evidence that profitability, liquidity, age and size of the firm are significant determinants of capital structure. Specifically, the results reveal a negative relationship between profitability and long term debt and a positive relationship between age of the firm and long term debt. We also established a positive influence of age on short term debt, while a negative link is evident between liquidity, the size of the firm and short term debt. The evidence adduced is important for forming credit markets policies for agricultural firms both at the macro and the micro level.

Impact of FII’s and FDI’s on Indian Stock Market

2016 ◽  
Vol 1 (1) ◽  
Author(s):  
Dr. Kamlesh Kumar Shukla
Keyword(s):  
Stock Market ◽  
Financial Markets ◽  
Global Economy ◽  
Short Term ◽  
Earnings Growth ◽  
The Past ◽  
Bull Market ◽  
Indian Stock Market

FIIs are companies registered outside India. In the past four years there has been more than $41 trillion worth of FII funds invested in India. This has been one of the major reasons on the bull market witnessing unprecedented growth with the BSE Sensex rising 221% in absolute terms in this span. The present downfall of the market too is influenced as these FIIs are taking out some of their invested money. Though there is a lot of value in this market and fundamentally there is a lot of upside in it. For long-term value investors, there’s little because for worry but short term traders are adversely getting affected by the role of FIIs are playing at the present. Investors should not panic and should remain invested in sectors where underlying earnings growth has little to do with financial markets or global economy.

A Note Concerning the Dynamics of Government Bond Yields

2021 ◽  
pp. 056943452098827
Author(s):  
Tanweer Akram
Keyword(s):  
Interest Rate ◽  
Financial Markets ◽  
Yield Curve ◽  
Empirical Studies ◽  
State Theory ◽  
Government Bond ◽  
Bond Yields ◽  
Short Term ◽  
Government Bonds

Keynes argued that the central bank can influence the long-term interest rate on government bonds and the shape of the yield curve mainly through the short-term interest rate. Several recent empirical studies that examine the dynamics of government bond yields not only substantiate Keynes’s view that the long-term interest rate responds markedly to the short-term interest rate but also have relevance for macroeconomic theory and policy. This article relates Keynes’s discussions of money, the state theory of money, financial markets, investors’ expectations, uncertainty, and liquidity preference to the dynamics of government bond yields for countries with monetary sovereignty. Investors’ psychology, herding behavior in financial markets, and uncertainty about the future reinforce the effects of the short-term interest rate and the central bank’s monetary policy actions on the long-term interest rate. JEL classifications: E12; E40; E43; E50; E58; E60; F30; G10; G12; H62; H63

scholarly journals An Efficient Prediction Model for Water Discharge in Schoharie Creek, NY

2014 ◽  
Vol 2014 ◽  
pp. 1-10 ◽  
Author(s):  
Katerina G. Tsakiri ◽  
Antonios E. Marsellos ◽  
Igor G. Zurbenko
Keyword(s):  
New York ◽  
Time Series ◽  
Water Discharge ◽  
Winter Period ◽  
Statistical Methodology ◽  
Summer Period ◽  
Short Term ◽  
Efficient Prediction ◽  
Climatic Time Series

Flooding normally occurs during periods of excessive precipitation or thawing in the winter period (ice jam). Flooding is typically accompanied by an increase in river discharge. This paper presents a statistical model for the prediction and explanation of the water discharge time series using an example from the Schoharie Creek, New York (one of the principal tributaries of the Mohawk River). It is developed with a view to wider application in similar water basins. In this study a statistical methodology for the decomposition of the time series is used. The Kolmogorov-Zurbenko filter is used for the decomposition of the hydrological and climatic time series into the seasonal and the long and the short term component. We analyze the time series of the water discharge by using a summer and a winter model. The explanation of the water discharge has been improved up to 81%. The results show that as water discharge increases in the long term then the water table replenishes, and in the seasonal term it depletes. In the short term, the groundwater drops during the winter period, and it rises during the summer period. This methodology can be applied for the prediction of the water discharge at multiple sites.

scholarly journals Will the COVID-19 pandemic lead to a tsunami of suicides? A Swedish nationwide analysis of historical and 2020 data

2020 ◽  
Author(s):  
Christian Rück ◽  
David Mataix-Cols ◽  
Kinda Malki ◽  
Mats Adler ◽  
Oskar Flygare ◽  
...  
Keyword(s):  
Negative Impact ◽  
Annual Data ◽  
Short Term ◽  
Death Rates ◽  
Men And Women ◽  
Influenza Pandemics ◽  
Suicide Rates ◽  
Distributed Lag ◽  
The Media

ABSTRACTBackgroundVarious surveys have documented a negative impact of the COVID-19 pandemic on the population’s mental health. There is widespread concern about a surge of suicides, but evidence supporting a link between global pandemics and suicide is very limited. Using historical data from the three major influenza pandemics of the 20th century, and recently released data from the first half of 2020, we aimed to investigate whether an association exists between influenza deaths and suicide deaths.MethodsAnnual data on influenza death rates and suicide rates were extracted from the Statistical Yearbook of Sweden from 1910-1978, covering the three 20th century pandemics, and from Statistics Sweden for the period from January to June of each year during 2000-2020. COVID-19 death data were available for the first half of 2020. We implemented non-linear autoregressive distributed lag (NARDL) models to explore if there is a short-term and/or long-term effect of increases and decreases in influenza death rates on suicide rates during 1910-1978. Analyses were done separately for men and women. Descriptive analyses were used for the available 2020 data.FindingsBetween 1910-1978, there was no evidence of either short-term or long-term significant associations between influenza death rates and changes in suicides. The same pattern emerged in separate analyses for men and women. Suicide rates in January-June 2020 revealed a slight decrease compared to the corresponding rates in January-June 2019 (relative decrease by −1.2% among men and −12.8% among women).InterpretationWe found no evidence of short or long-term association between influenza death rates and suicide death rates across three 20th century pandemics or during the first six months of 2020 (when the first wave of COVID-19 occurred). Concerns about a substantial increase of suicides may be exaggerated. The media should be cautious when reporting news about suicides during the current pandemic.

scholarly journals Capital Structure and The Profitability of Listed Retail Firms

2018 ◽  
Vol 10 (1(J)) ◽  
pp. 171-181
Author(s):  
Jason Stephen Kasozi
Keyword(s):  
Capital Structure ◽  
Negative Relationship ◽  
Order Theory ◽  
Debt Financing ◽  
Retail Sector ◽  
Short Term ◽  
Return On Assets ◽  
Pecking Order Theory ◽  
Policy Interventions

The South African retail sector continues to experience a decline in sales and returns amidst growing external competition and a drop in consumer confidence stemming from the recent credit downgrades in the country. Yet, firms in this sector appear to maintain high debt to equity levels. This study investigated whether the capital structure practices of these firms influence their profitability. A Panel data methodology, using three regression estimators, is applied to a balanced sample of 16 retail firms listed on the Johannesburg Securities Exchange (JSE) during the period 2008-2016. The analysis estimates functions relating capital structure composition with the return on assets (ROA). Results reveal a statistically significant but negative relationship between all measures of debt (short-term, long-term, total debt) with profitability, suggesting a possible inclination towards the pecking order theory of financing behaviour, for listed retail firms. Additionally, retail firms are highly leveraged yet over 75% of this debt is short-term in nature. Policy interventions need to investigate the current restrictions on long-term debt financing which offers longerterm and affordable financing, to boost returns. While this study’s methodology differs slightly from earlier studies, it incorporates vital aspects from these studies, and simultaneously specifies a possible model fit.  This helps to capture unique but salient characteristics like the transitional effects of debt financing on firm profitability.  It therefore delivers some unique findings on the financing behaviour of retail firms that both in form policy change, while stimulating further research on the phenomenon. 

Economic Complexity and Trade Diversification in the Western Hemisphere Between 1962 and 2017

2021 ◽  
pp. 115-147
Author(s):  
Jorge Mauricio Falcón Gómez ◽  
Fernando Martín Mayoral
Keyword(s):  
Financial Markets ◽  
Transaction Costs ◽  
Trade Openness ◽  
Terms Of Trade ◽  
Western Hemisphere ◽  
Short Term ◽  
Economic Complexity ◽  
Comparative Advantages ◽  
Negative Effect

Trade diversification patterns help explain the level of utilization of trade opportunities by countries, mainly the least developed. Empirical analyses show an inverse U relationship between trade diversification and level of development. Trade diversification measures used do not take into account differences in complexity of exports, and complexity indices only consider products with comparative advantages. This study seeks to cover both gaps by analyzing the differences in the determinants of trade diversification, considering the complexity of products exported by 19 Western Hemisphere countries from 1962 to 2017. The results show that after controlling for economic complexity, the inverted U relationship disappears. Development of financial markets positively affects the complexity of trade diversification in the long term, while the terms of trade that have a negative effect on trade diversification does not affect the complexity-corrected indices. In the short term, transaction costs and trade openness appear to have a significant effect.

Short-term performance of stocks after fraudulent financial reporting announcement

2019 ◽  
Vol 26 (2) ◽  
pp. 464-476 ◽  
Author(s):  
Mehmet Eryigit
Keyword(s):  
Financial Markets ◽  
Stock Returns ◽  
Financial Reporting ◽  
Abnormal Return ◽  
Fraudulent Financial Reporting ◽  
Short Term ◽  
Content Type ◽  
Publicly Traded Companies ◽  
Company Stock

Purpose Availability of accurate and reliable information in financial markets helps investors make well-informed decisions on capital allocations which is beneficial for long-term economic growth. In this regards, the role of auditing firms that inspect the financial statements of the publicly traded companies in sound operation of financial markets has been increasing. The Capital Market Board of Turkey (CMBT) has the task and responsibility of investigating fraudulent information disseminated by the firms whose stocks are traded in Borsa Istanbul. The investigations can lead to monetary penalties if fraud is proven and the results are published by CMBT in its weekly bulletin. The present study aims to examine the effect of announcements of financial irregularities of companies in CMBT Bulletin on the performance of the relevant company stock in the short term. Design/methodology/approach This study uses abnormal return, cumulative abnormal return and cumulative average abnormal return as metrics and parametric, as well as non-parametric tests to ascertain whether the announcements of financial irregularities in company operations have any statistically significant effect on the return of its stock. Findings The results indicate that publication of the financial penalty news by CMBT in its bulletin has almost no statistically significant influence on the performance of the relevant companies’ stock in Borsa Istanbul. The findings indicate that either the investors in this particular markets do not consider such news relevant to long-term success of the firm or the announcement does not provide any new information and penalties have been priced into the stock before the announcement in the bulletin. Originality/value In literature there is no more research about the effect of the announcements of administrative monetary penalties and crime complaints on the stock returns.

29 SHORT-TERM v. LONG-TERM PROGESTERONE PROTOCOL USING CERVICAL OR INTRAUTERINE FIXED-TIME INSEMINATION IN SHEEP

2010 ◽  
Vol 22 (1) ◽  
pp. 172
Author(s):  
A. Menchaca ◽  
M. Vilariño ◽  
E. Rubianes
Keyword(s):  
New York ◽  
Pregnancy Rate ◽  
Body Condition Score ◽  
Skim Milk ◽  
Prostaglandin F2α ◽  
Fixed Time ◽  
Short Term ◽  
Condition Score ◽  
N 93

The short-term protocol with progesterone, prostaglandin F2α (PGF2α), and eCG is used to control follicular dynamics and luteal activity synchronizing the ovulation for fixed-time AI in sheep. The objective of this experiment was to compare the pregnancy rate obtained with short-term protocol (6 d) and long-term protocol (14 d) using cervical or intrauterine fixed-time AI in sheep. Three hundred fifty-two Merino ewes with a body condition score of 2.9 ± 0.3 (mean ± SD; scale 0 to 5) were used during the breeding season (April, 33S, Uruguay). All the females received a CIDR-G (0.3 g of progesterone, InterAg, Hamilton, New Zealand) for 6 d (short-term protocol; n = 178) or 14 d (long-term protocol, n = 174). One imdose of eCG (300 IU, Novormon, Syntex, BA, Argentina) was given at the moment of device withdrawal for the both protocols, and one imdose of PGF2α (10 mg of dinoprost, Lutalyse, Pfizer, New York, NY, USA) was given at the end of the short-term protocol to ensure luteolysis. Cervical AI (short-term protocol, n = 85; long-term protocol, n = 104) or intrauterine AI (short-term protocol, n = 93; long-term protocol, n = 70) was performed 48 or 54 h after device withdrawal, using 200 × 106 or 100 × 106 spermatozoa per ewe, respectively. Fresh semen was extended in UHT skim milk (1000 × 106 spermatozoa mL-1) and used within 1 h of collection. Estrus was recorded twice a day for 4 days after device withdrawal using vasectomized males. Pregnancy diagnosis was performed by transrectal ultrasonography 40 d after AI (5.0 MHz, Aloka, Tokyo, Japan). Logistic regression was used to analyze the effect of the treatment (P < 0.05), the AI technique (P < 0.05), and their interaction (P = NS). Pregnancy rate was higher for the short-term than for the long-term protocol, and for intrauterine than for cervical AI (Table 1). The highest pregnancy rate was achieved with short-term protocol using intrauterine AI (54.8%, 51/93), and the lowest response was obtained with long-term protocol using cervical AI (33.7%, 35/104; P < 0.05). These data were not different from data of short-term protocol using cervical AI or long-term protocol using intrauterine AI (42.4%, 36/85; and 44.3% 31/70, respectively). Ewes in estrus/treated ewes was not different among short-term and long-term protocols (83.7%, 149/178; and 82.8%, 144/174, respectively; P = NS). In summary, regardless of insemination technique, short-term protocol of 6 d enhances pregnancy rate in fixed-time AI programs in sheep. Table 1.Main effects of short-term (6 d) v. long-term (14 d) protocol using cervical or intrauterine fixed-time AI on pregnancy rate in sheep Financially supported by Pfizer, SP, Brazil.

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