1,720,959 research outputs found
Does winner’s curse hypothesis exist in explaining the underpricing phenomenon of Malaysian shariah-compliant IPOs?
No full textThe Shariah-compliant status seems to be the major concern of the Securities Commission (SC) even though in reality the Malaysian stocks market players and the public listed companies (PLCs) owners are dominated by non-Muslims. The need for Shariahcompliant status seems more significant when the SC in 2004 introduced the pre-IPO Shariahcompliant list for new issues. This study aims to examine whether the short-run performance of Malaysian IPOs experience winner’s curse in a sample of 153 Shariah IPOs issued by Malaysian companies between January 2005 and December 2014. The study uses two alternative measures to test the presence of winner’s curse; allocation rate (ALLOCTj) or private place to institutional investors (DPRIVATE).The negative associations between both of these variables and initial returns suggest the existence of winner’s cursein the Malaysian IPOs regardless of Shariah status and level of Shariah compliance. This reveals a phenomenon where the high initial returns are purposely created by the issuers (by offering the IPOs at a deep underpricing) to allure the uninformed investors into the markets to replace the lack of interest from the informed investors
Performance of initial public offerings: Does shariah compliance extensiveness make a difference?
No full textDespite the popularity and the claim that Shariah companies fare better than their conventional counterparts, both previous studies and market reports show that the Shariahcompliant status does not seem to contribute positively to the Shariah IPO initial performance. This study hypothesizes that this could be due to (i) the characteristic differences between the Shariah IPOs and theirconventional counterparts and (ii) the inadequacy of pre-revision Shariah screening methodology since establishment in 1995 to 2013, in which neglects two crucial financial ratios, debt and ARTA (account receivable to total asset), which are emphasised by the Fiqhi Council. Thus, this study is conducted with the objectives: (i) to ascertain the impact of Shariah extensiveness on the IPO initial performance; and if this is so, (ii) to what extent the Shariah status and level of compliance influence initial performance. This study employs a sample of 153Shariah IPOs issued by Malaysian companies from January 2005 until December 2014. Consistent with past studies, the results show that there are no significant difference between the initial performance of Shariah and non-Shariah IPOs, even after controlling for the IPO characteristics. However, when the level of extensiveness is taken into consideration, the difference in the initial returns prevails.Overall, this study contributes by providing evidence that the existing Shariah screening criteria should incorporates the two financial ratios (debt and ARTA) in order to distinguish the Shariah IPOs from their non-Shariah counterpart
The performance of Bumiputera-controlled companies at the KLSE, before and during the currency crisis / Nor Azizan Che Embi
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Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe 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
Full text link“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
Full text linkWe 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
Dispelling the Myths Behind First-author Citation Counts
Full text linkWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
Green Microfinance Promoting Sustainable Development Goals (SDGs) in Bangladesh
Full text linkGreen microfinance policy encourages Microfinance Institutions (MFIs) to provide green microfinance to promote environmental friendly for substantial financial development in SDGs. This paper examines the relation of profitability with green microfinancing on MFIs in Bangladesh. This paper aims to observe microfinance and Sustainable Development Goals (SDGs) for green microfinance development. The finding suggests that the significant aspects of green microfinancing are very much consistent with SDGs. The paper also investigates how far the MFIs in Bangladesh have been adopting green microfinancing to measure the future of green microfinancing and SDGs for Bangladesh. Among the first few to critically examine green microfinance from the perspectives of MFIs, this study is thought to be beneficial for the organizations and policymakers in the effort to evaluate the function and contribution of MFIs in addressing the primary environmental issues in Bangladesh. Moreover, through a meticulous evaluation of the adherence to the existing green microfinance policy, this research can be expected to become one of the blueprints to encourage green MFIs in Bangladesh
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