1,720,964 research outputs found
DOWNWARD SLOPING DEMAND CURVES FOR STOCK AND LEVERAGE
Get PDFThis research attempts to investigate the effect of downward sloping demand curves for stock on firms' financing decisions. For the same size of equity issuance, firms with steeper slope of demand curves for their stocks experience a larger price drop in their share price compare to their counterparts. As a consequence, firms with a steeper slope of demand curves are less likely to issue equity and hence they have higher leverage ratios. This research finds that the steeper the slope of demand curve for firm's stock, the higher the actual leverage of the firm. Furthermore, firms with a steeper slope of demand curves have higher target leverage ratios, signifying that these firms prefer debt to equity financing in order to avoid the adverse price impact of equity issuance on their share price
Price Earnings Ratio and Stock Return Analysis (Evidence from Liquidity 45 Stocks Listed in Indonesia Stock Exchange)
Get PDFPrice to Earnings Ratio (PE Ratio) has been broadly used by analysts and investors for stock selection. Stocks with low PE ratio are perceived as having cheaper current price hence expected to generate higher return in subsequent period. This paper aims to examine predictability of stock return using PE Ratio based on historical relationship between PE Ratio and subsequent stock return. Particularly, it seeks to find whether stocks with high PE Ratio followed by low stocks return and on the contrary, stocks with low PE Ratio followed by high stocks return. Using stocks which are included as member of Liquidity 45 and observation period 2005-2010 as samples, results show that there is significance difference between low PE and high PE portfolio stock return in short term (holding period of 6 months) but there is no significance difference between both portfolio stock return if they are hold for one, two, three, and four years. This research also finds that there is no significant relationship between stock return and (trailing) PE Ratio which suggests that (trailing) PE Ratio is not useful in estimating both short term and long term stock return
DOWNWARD SLOPING DEMAND CURVES FOR STOCK AND LEVERAGE
No full textThis research attempts to investigate the effect of downward sloping demand curves for stock on firms' financing decisions. For the same size of equity issuance, firms with steeper slope of demand curves for their stocks experience a larger price drop in their share price compare to their counterparts. As a consequence, firms with a steeper slope of demand curves are less likely to issue equity and hence they have higher leverage ratios. This research finds that the steeper the slope of demand curve for firm's stock, the higher the actual leverage of the firm. Furthermore, firms with a steeper slope of demand curves have higher target leverage ratios, signifying that these firms prefer debt to equity financing in order to avoid the adverse price impact of equity issuance on their share price
The Consumption-Health Nexus Revisited: Examining the Benefits of Social Insurance for the Poor in Indonesia
Get PDFHouseholds in developing countries are typically more vulnerable to illness episodes. This paper uses a panel micro data set from Indonesia to investigate whether households are able to smooth their consumption against idiosyncratic health shocks and to examine the mitigating effects of a social health insurance programme for the poor on such shocks. We find that Indonesian households manage to keep consumption smooth after deterioration in adult health. These findings are robust to various health measures and different specifications. The difference-in-differences (DiD) estimator shows a marginal effect of the insurance programme on insuring household consumption from major health problems. Further investigation reveals heterogeneous effects of the social insurance programme. While it plays a trivial role in protecting rural households, the effect of the health intervention is stronger in urban areas of the country. We argue that supply-side factors seem to be partly responsible for this finding
Three essays on sustainable finance
No full textMy thesis consists of three essays in the sustainable finance field, including
social bonds, environmental policy and emissions, corporate sustainability, firms’ ESG risk incidents, and government control of corruption.
In Chapter 1, we investigate whether social bond pricing has a premium or
discount. Using fixed-effect regression and exact matching methods, we find that US municipal social bonds have no significant price difference compared with non-social bonds issued between 2018 and 2023. We also find that issuers from Democratic Party- leaning states issue more social bonds than Republican Party-leaning states, but we do not find a social premium or discount in either leaning state. Our findings reveal that investors are unwilling to trade off financial returns to invest in social projects, suggesting that investors do not have social-use preferences while buying bonds.
In Chapter 2, we assess the effectiveness of environmental policy in reducing
greenhouse gas (GHG) emissions. Fixed-effects panel regression and panel vector autoregression results suggest that restrictive environmental policy effectively curbs GHG emissions. Furthermore, mediation analyses using structural equation modeling show that renewable energy production and consumption are important mechanisms in environmental policy effectiveness. Renewable energy production and consumption fully mediate the effect of market-based policy on GHG emissions, partially mediate the effect of technology policy on GHG emissions with complementary effect, and partially mediate the effect of non-market-based policy on GHG emissions with competitive effect. These findings reveal that market-based and technology-support policy instruments are more effective than non-market-based ones in reducing GHG emissions. In Chapter 3, I examine the significant forces of corporate social irresponsibility
in cross-country analysis. Employing various fixed-effect Poisson regression,
controlling for firm characteristics and other country factors variables, and various ways of adjusting standard errors, the results show that corporate social irresponsibility measured by firms’ environmental, social, and governance negative incidents in terms of number, severity, and novelty of incidents are significantly and strongly associated with the firm headquartered country's control of corruption. Identification tests using Instrumental Variable analysis and further robustness checks corroborate the main findings that firms headquartered in a country with higher control of corruption are less likely to engage in corporate social irresponsibility practices.Doctor of Philosoph
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Get PDF“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Get PDFWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Price Earnings Ratio and Stock Return Analysis (Evidence from Liquidity 45 Stocks Listed in Indonesia Stock Exchange)
No full textPrice to Earnings Ratio (PE Ratio) has been broadly used by analysts and investors for stock selection. Stocks with low PE ratio are perceived as having cheaper current price hence expected to generate higher return in subsequent period. This paper aims to examine predictability of stock return using PE Ratio based on historical relationship between PE Ratio and subsequent stock return. Particularly, it seeks to find whether stocks with high PE Ratio followed by low stocks return and on the contrary, stocks with low PE Ratio followed by high stocks return. Using stocks which are included as member of Liquidity 45 and observation period 2005-2010 as samples, results show that there is significance difference between low PE and high PE portfolio stock return in short term (holding period of 6 months) but there is no significance difference between both portfolio stock return if they are hold for one, two, three, and four years. This research also finds that there is no significant relationship between stock return and (trailing) PE Ratio which suggests that (trailing) PE Ratio is not useful in estimating both short term and long term stock return
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