18 research outputs found
Two Essays on Ownership and Market Characteristics
No full textTheoretical models suggest that ownership structure may be an important determinant of securities' market characteristics. For example, the presence of informed traders leads to greater bid-ask spreads (Copeland and Galai (1983), and Glosten and Milgrom (1985)), and strategic trading of informed and discretionary liquidity traders leads to intertemporal variation in both trading volume and trading costs (Admati and Pfleiderer (1988), and Foster and Viswanathan (1990)). However, the empirical studies on the effect of ownership structure on market characteristics are limited. Prior studies focus on either one type of market characteristics or one type of owners, and usually do not address the potential endogeneity problem between market characteristics and ownership structure. This dissertation extends existing literature with two essays on ownership and market characteristics.
The first essay broadly examines the effect of ownership structure (inside ownership, institutional ownership, and individual ownership) on market characteristics such as order flow, price impact of trade, quoted spread and quoted depth. For each market characteristic examined, I establish an empirical model based on existing theories and empirical evidence. My results indicate that stocks with greater inside ownership have lower order flow, greater price impact of trade, greater quoted spread and lower quoted depth, while stocks with greater active institutional ownership and greater individual shareholders have greater order flow, smaller price impact of trade, lower spread and greater depth. These results may have implications for corporate governance. For example, while agency theory suggests managerial ownership may align interests of managers and shareholders, this essay finds that this comes with a liquidity cost. Further, my results suggest there are liquidity benefits of individual and institutional ownership. If as suggested by Amihud and Mendelson (1989), investors require a higher rate of return for illiquid stocks, firms can target their shares to specific types of investors (for example, active institutions and individuals) to improve liquidity, and reduce their cost of capital.
The second essay is a specific application of the first essay and examines the effect of institutional ownership on price discovery around earnings announcements. I select earnings announcements as the event for my analysis because there are three well-documented regularities about earnings announcements. First, market participants anticipate the forthcoming earnings announcements. Second, the announcements of earnings news are usually accompanied by abnormal price changes and abnormal volume. Third, there is evidence that stock price continues to move in the direction of earnings surprise after the announcements of earnings news. Since results from the first essay suggest that institutional investors affect market characteristics such as price impact of trade and quoted spread, I expect that institutional participation would also affect the price discovery process around earnings announcements. My results indicate that institutional ownership is associated with greater anticipation of earnings news. Further, stocks with greater institutional ownership have a greater price response to announcements of earnings news. Finally, institutional investors have no significant effect on post-announcement drift. The results of the second essay suggest that institutional investors contribute to the price discovery process.Ph. D
PELATIHAN KEWIRAUSAHAAN MELALUI USAHA KREATIF DAN INOVATIF MASYARAKAT DESA TEGAL SARI KECAMATAN MEGANG SAKTI KABUPATEN MUSI RAWAS
No full textThe purpose of the author to do this PKM is entrepreneurship training in making shredded oyster mushrooms and marketing them online in the village of Tegal Sari, Megang Sakti District, Musi Rawas Regency. The problem in this PKM is "How to improve the ability to process village natural resources and market them online in the community of Tegal Sari Village, Megang Sakti District, Musi Rawas Regency? The dominant problem that arises in Tegal Sari Village is the lack of maximum processing of abundant natural resources due to the low human resources of the community. The method used in this training activity is the training method which includes discussion, question and answer, and practice. Based on the results of PKM activities in Tegal Sari Village, it can be concluded that entrepreneurship training activities run well, by producing processed oyster mushrooms in the form of abon and marketing them traditionally and online in the Musi Rawas Regency and surrounding areas.Tujuan penulis melakukan PKM ini adalah pelatihan kewirausahaan pembuatan abon jamur tiram dan pemasaranya secara online pada masyarakat desa Tegal Sari Kecamatan Megang Sakti Kabupaten Musi Rawas. Masalah dalam PKM ini adalah “Bagaimana meningkatkan kemampuan mengolah sumber daya alam desa dan pemasaranya secara online masyarakat Desa Tegal Sari Kecamatan Megang Sakti Kabupaten Musi Rawas? Masalah dominan yang muncul di Desa Tegal Sari yaitu kurang maksimalnya pengolahan sumber daya alam yang melimpah karena rendahnya SDM masyarakat. Metode yang digunakan dalam kegiatan pelatihan ini adalah metode pelatihan meliputi diskusi, tanya jawab, dan praktik. Berdasarkan hasil kegiatan PKM di Desa Tegal Sari dapat disimpulkan jika kegiatan pelatihan kewirausahaan berjalan dengan baik, dengan menghasilkan olahan jamur tiram berupa abon dan memasarkanya secara tradisional dan online di wilayah Kabupaten Musi Rawas dan sekitarnya
PENENTUAN KOMBINASI LEVEL FAKTOR OPTIMAL TERHADAP KANDUNGAN ZAT GIZI PADA ABON JAMUR MENGGUNAKAN METODE TAGUCHI
No full textJika membutuhkan abstrak atau isi jurnal silakan menghubungi author melalui email [email protected] atau [email protected]
On the negative relation between investment-cash flow sensitivities and cash-cash flow.
Full text linkWe predict and find empirical support for a negative relation between the firm’s investment-cash flow sensitivity and cash-cash flow sensitivity, two measures suggested to capture the concept of financing constraints. This negative relation on the firm-level stems from the fact that both investments and the cash account are uses of funds competing for limited available cash flows. Additionally, we find that the investment-cash flow sensitivity is a better predictor for the firm’s constraint-status than the cash-cash flow sensitivity for a longitudinal sample of 1,233 U.S.-based listed firms using an evaluative framework based upon ex-post evaluation of the firmvarying sensitivities.financing constraints; investment-cash flow sensitivities; cash-cash flow sensitivities; firm-varying sensitivities;
Trend Halal Food di Kalimantan Timur
Full text linkCurrent developments in food technology have caused the complexity of knowledge about halal food products. This has, among other things, triggered consumer awareness of halal products, and followed the wishes of producers to fulfill the right to halal food globally. This trend not only penetrated Muslim-majority countries, even developed countries (non-Muslims) also began to develop this system. In this study, the author will dig deeper by focusing on how the halal food trend and the implementation of the halal food trend in home industries in the Samarinda and Balikpapan regions. Based on the findings of data in the field of all food products in two places that are the focus of research researchers, Samarinda and Balikpapan are halal food products. Halal food products that are processed are in the form of crackers, cakes and abon, whose basic ingredients are animal origin. Basically, the food manager set the standard for halal production based on Islamic shari'a. Subjects that can raise problems or in this case the author uses the term subhat is the standard of processing raw materials. Such as the fish used are fish that are dead and may seem rotten (poor quality), or use preservatives that do not use the BPPOM standard. There is a tendency, when raw material prices rise, the quality of the product decreases because the owner does not want to raise prices
PENENTUAN KOMBINASI FAKTOR DAN LEVEL FAKTOR ABON JAMUR YANG OPTIMAL BERDASARKAN UJI ORGANOLEPTIK DENGAN METODE TAGUCHI (Studi Kasus: CV Ailani Food)
No full textJika membutuhkan abstrak atau isi jurnal silahkan menghubungi author melalui email [email protected], [email protected], [email protected]
HIPERPORNOGRAFI PEREMPUAN DALAM IKLAN
Full text linkResearch by the author is using the critical paradigm is based on the notion that a variety of issues related to the hyper-pornography emerged from the audience understandings of social reality constructed by advertising. Type of research is a descriptive study using semiotic analysis. Data was collected to make a second record Geliga Muscle Cream ads and Malkis Abon as primary data. Secondary data obtained through the study of literature in the form of books, journals and internet sites.In the second survey results revealed the ad has a depth of meaning that leads to hyper-pornography completely after carefully using the theory of Jean Baudrillard was found that the two ads is the result of the simulation and produce effects that lead women toward kekecenderungan hiperpornografi, based on the results of the study, the second theme ad lifting sensation will be a sign that women's sexuality is the most dominant in the second ad. This advertising system refers to Hollywood movies, one movie Devil Wear Prada and also a novel by Tami Hoag "Luck's Lady". Genre film and the novel is fiction fantasy and romantic drama-crafted by a writer or a director and writer.Penelitian yang dilakukan penulis adalah menggunakan paradigma kritis didasarkan pada pemikiran bahwa berbagai hal yang berkaitan dengan hiper-pornografi muncul dari pemahaman-pemahan sosial khalayak yang terkonstruksi oleh realitas iklan. Jenis penelitian yang dilakukan adalah penelitian deskriptif dengan menggunakan analisis semiotika. Teknik pengumpulan data dilakukan dengan membuat rekaman kedua iklan Krim Otot Geliga dan Malkis Abon sebagai data primer. Data sekunder didapat melalui studi literatur berupa buku, jurnal dan situs internet.Pada hasil penelitian diketahui pada kedua iklan memiliki kedalaman makna yang mengarah kepada hiper-pornografi seutuhnya setelah di teliti menggunakan teori Jean Baudrillard didapati bahwa kedua iklan adalah hasil dari simulasi dan menghasilkan efek yang mengarahkan perempuan menuju kekecenderungan hiperpornografi, berdasarkan hasil penelitian, Tema kedua iklan yang mengangkat sensasi akan seksualitas perempuan adalah tanda yang paling dominan di kedua iklan. Sistem iklan ini merujuk kepada film-film Hollywood, salah satunya film Devil Wear Prada dan juga sebuah novel karangan Tami Hoag “Luck’s Lady”. Genrenya film dan novel tersebut adalah fiksi fantasi dan romantis drama yang dikarangoleh seorang pengarang ataupun seorang sutradara dan penuli
Pemanfaatan Dan Pengolahan Sampah Sebagai Upaya Dalam Menjaga Lingkungan Di Desa Senaru, Kecamatan Bayan, Kabupaten Lombok Utara
Full text linkSenaru Village is one of the villages that has the potential to be developed both in terms of tourism, nature and the environment. This village is located in Bayan District, North Lombok Regency. Senaru village is a tourism village that is visited by many local and foreign tourists. In this village there is plastic waste that has not received further treatment. Plastic waste is a type of inorganic waste that takes 1000 years to completely decompose by the soil. In addition, Senaru Village is also one of the areas that has a lot of cashew fruit, but the utilization of cashew fruit by the surrounding community is still quite limited, namely the processing is still focused on the seeds while the meat has not been used optimally and some even throw it away as waste. Therefore, with this article, the author aims to invite the public to use and process plastic waste into ecobricks that have aesthetic value and utilize and process cashew meat into shreds that have a selling value to help the community's economy.Desa Senaru merupakan salah satu desa yang memiliki potensi untuk dikembangkan baik dari segi wisata, alam dan lingkungan. Desa ini terletak di Kecamatan Bayan, Kabupaten Lombok Utara. Desa senaru merupakan desa pariwisata yang banyak dikunjungi para wisatawan lokal maupun luar. Di desa ini terdapat sampah plastik yang belum mendapatkan penanganan lebih lanjut. Sampah plastik merupakan jenis sampah anorganik yang membutuhkan waktu 1000 tahun agar dapat terurai oleh tanah secara sempurna. Selain itu, Desa Senaru juga merupakan salah satu wilayah yang memiliki banyak buah jambu mete, akan tetapi pemanfaatan buah jambu mete oleh masyarakat sekitar masih terbilang terbatas yaitu pengolahannya masih berfokus pada bijinya saja sedangkan dagingnya belum dimanfaatkan secara maksimal bahkan ada yang membuangnya sebagai limbah. Oleh karena itu, dengan adanya artikel ini maka penulis bertujuan untuk mengajak masyarakat untuk memanfaatkan dan mengolah sampah plastik menjadi ekobrick yang memiliki nilai estetis dan memanfaatkan dan mengolah daging jambu mete menjadi abon yang memiliki nilai jual untuk membantu ekonomi masyaraka
