11,040 research outputs found
The EU's critical raw materials dilemma in Serbia and Bosnia-Herzegovina : taking stock and finding ways forward
No full textFrauke Seebass ; publishing department: Dialogue Southeast Europ
Library stock verification: a ritual and an occupational hazard
No full textExplains the sensitive, controversial stock verification as one of the occupational hazards and a postmortem, emphasises need for clarity of objectives and procedures regarding stock verification and responsibilities of loss, points out that the cost of stock verification often far exceeds the benefits, highlights norms and procedures of stock verification for Government of India institutions, discusses some advantages and various methods and procedures of physical verification, put forth precautionary measures to be taken against loss and mutilation of library documents, analyses the issue of responsibility of loss and ways of resolving the conflict of responsibility, presents the procedure for write-off of reasonable loss, finally concludes by stressing the need for rational and updated rules and procedures about stock verification, responsibility of loss and limits to write-off loss as well as vital role of professional bodies in this direction
Nass Valley Land on Nass River and Tributary Streams and Lakes, British Columbia: Field notes:
No full textDominion Stock and Bond Corporation
Stock returns and foreign investment in Brazil
No full textWe examine the relationship between stock returns and foreign investment in Brazil, and find that the inflows of foreign investment boosted the returns from 1995 to 2005. There was a strong contemporaneous correlation, although not Granger-causality. Foreign investment along with the exchange rate, the influence of the world stock markets, and country risk can explain 73 percent of the changes that occurred in the stock returns over the period. We also find that positive feedback trading played a role, and that the market promptly assimilated new information.stock returns; foreign investment; Brazilian economy
Stock-dependent forcing in stock and recruitment relationships
No full textNo abstracts are to be cited without prior reference to the author. Responses of fish populations to climate change involves the linkage between climate-change variables and stock and recruitment. Stock and recruitment theory links recruitment with egg production via a density-dependent mortality function. The density-dependent mortality function is required to explain the relative stability of recruitment (potential variability in egg production is many orders of magnitude greater than variation in recruitment). Yet, despite this requirement, the fit of actual stock and recruitment data to the stock and recruitment theory is generally quite poor. In this paper we focus on the sensitivity of changes in recruitment to changes in egg production and prerecruit mortality given some stock-recruitment relationship. We demonstrate that recruitment variability is more sensitive to changes in egg production when egg production is relatively small. In contrast, recruitment variability is more sensitive to changes in mortality when the stock is relatively large. Generally, egg production is driven by fishing and factors affecting adult fish, and mortality is driven by biological-physical interactions mostly affecting early life-history stages. Thus, variables that change with the magnitude of egg production must be an important unacknowledged source of error in stock and recruitment and in linking climate change with fish population variability
Stock market development and financial intermediaries : stylized facts
No full textWorld stock markets are booming. Between 1982 and 1993, stock market capitalization grew from 10 trillion, an average 15 percent a year. A disproportionate amount of this growth was in emerging stock markets, which rose from 3 percent of world stock markets capitalization to 14 percent in the same period. Yet there is little empirical evidence about how important stock markets are to long-term economic development. Economists have neither a common concept nor a common measure of stock market development, so we know little about how stock market development affects the rest of the financial system or how corporations finance themselves. The authors collected and compared many different indicators of stock market development using data on 41 countries from 1986 to 1993. Each indicator has statistical and conceptual shortcomings, so they used different measures of stock market size, liquidity, concentration, and volatility, of institutional development, and of international integration. Their goal: to summarize infromation about a variety of indicators for stock market development, in order to facilitate research into the links between stock markets, economic development, and corporate financing decisions. They highlight certain important correlations: (i) In the 41 countries they studied, there are enormous cross-country differences in the level of stock market development for each indicator. The ratio of market capitalization to the gross domestic product (GDP), for example, is greater than 1 in five countries and less than 0.10 in five others. (ii) There are intuitively appealing correlations among indicators. For example, big markets tend to be less volatile, more liquid, and less concentrated in a few stocks. Internationally integrated markets tend to be less volatile. And institutionally developed markets tend to be large and liquid. (iii) The three most developed markets are in Japan, the United Kingdom, and the United States. The most underdeveloped markets are in Colombia, Nigeria, Venezuela, and Zimbabwe. Malaysia, the Republic of Korea, and Switzerland seem to have highly developed stock market, whereas Argentina, Greece, Pakistan and Turkey have underdeveloped in richer countries, but many markets commonly labeled"emerging"(for example, in Korea, Malaysia,and Thailand) are systematically more developed than markets commonly labeled"developed"(for example, in Australia, Canada, and many European countries). (iv) Between 1986 and 1993, some markets developed rapidly in size, liquidity, and international integration. Indonesia, Portugal, Turkey, and Venezuela experienced explosive development, for example. Case studies on the reasons for (and economic consequences of) this rapid development could yield valuable insights. (v) The level of stock market development is highly correlated with the development of banks, nonbank financial institutions (finance companies, mutual funds, brokerage houses), insurance companies, and private pension funds.Markets and Market Access,Economic Theory&Research,Health Economics&Finance,Payment Systems&Infrastructure,Banks&Banking Reform,Economic Theory&Research,Health Economics&Finance,Access to Markets,Markets and Market Access,Banks&Banking Reform
Strategische Anreizgestaltung
No full textDer vorliegende Beitrag untersucht die Anreizgestaltung in Unternehmen aus strategischer Perspektive. Im Vordergrund steht dabei die Frage, inwieweit unterschiedliche Anreize divergierende Interessen zwischen Mitarbeitern und mit dem Unternehmen ausgleichen können. In einem ersten Teil betrachten wir zunächst individuelle Anreize und zeigen auf, dass ein Spannungsverhältnis zwischen optimaler Anreizgestaltung und optimaler Risikoallokation besteht. Darüber hinaus wird diskutiert, warum ungünstig gewählte Bemessungsgrundlagen die Wertschöpfung eines Mitarbeiters senken können. Zudem werden weitere Aspekte individueller Anreizsetzung aufgegriffen, wie beispielsweise die Entlohnung von Managern. Im zweiten Teil des Beitrags werden dann Anreize für Gruppen vonMitarbeitern diskutiert. Wichtige Vorteile der relativen Leistungsbeurteilung werden aufgezeigt, aber auch der wesentliche Nachteil, nämlich dass Mitarbeiter keinen Anreiz mehr haben, sich gegenseitig zu helfen. Als mögliche Lösung hierfür wird die Teamentlohnung diskutiert, die allerdings zu Trittbrettfahrerproblemen führen kann
Why are stock market returns correlated with future economic activities?
No full textStock price, because it is a forward-looking variable, forecasts economic activities. An unexpected increase in stock price reflects that (i) future dividend growth is higher and/or (ii) future discount rates are lower than previously anticipated; therefore, the increase predicts higher output and investment. As well, other studies argue for an important relation between the expected stock market return and investment. In this paper, Hui Guo analyzes the relative importance of these mechanisms by using Campbell and Shiller’s (1988) method to decompose stock market return into three parts: expected return, a shock to the expected future return, and a shock to the expected future dividend growth. Contrary to the conventional wisdom, the author finds that dividend shocks are a rather weak predictor for future economic activities. Moreover, the expected return and shocks to the expected future return display different predictive patterns. The results shown here, collectively, explain why the forecasting power of stock market return is rather limited.Stock market
How Do Neural Networks Enhance the Predictability of Central European Stock Returns?
No full textIn this paper, the author applies neural networks as nonparametric and nonlinear methods to Central European (Czech, Polish, Hungarian, and German) stock market returns modeling. In the first part, he presents the intuition of neural networks and also discusses statistical methods for comparing predictive accuracy, as well as economic significance measures. In the empirical tests, he uses data on the daily and weekly returns of the PX-50, BUX, WIG, and DAX stock exchange indices for the 2000–2006 period. He finds neural networks to have a significantly lower prediction error than the classical models for the daily DAX series and the weekly PX-50 and BUX series. The author also achieves economic significance of the predictions for both the daily and weekly PX-50, BUX, and DAX, with a 60% prediction accuracy.emerging stock markets, predictability of stock returns, neural networks
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