In this paper, we study day-of-the-week effects in stock retums across different industry sectors in the New Zealand market. Unlike other studies on this market, we examine weekday seasonality using daily stock return...In this paper, we study day-of-the-week effects in stock retums across different industry sectors in the New Zealand market. Unlike other studies on this market, we examine weekday seasonality using daily stock return data of four market indexes and 16 industry sectors for the period from October 1, 1997 to April 16, 2009. We do not find significant Monday anomalies of the market index, large capitalization stock index and all industry sectors except for the property sector. Our finding is inconsistent with the literature on the New Zealand stock market. However, we find that the mid and small capitalization stocks have significant negative returns on Mondays than on other weekdays, which is consistent with the previous studies in some other markets.展开更多
Property investment in Malaysia is increasingly popular among local and foreign investors. The strong support by the government through the relaxation and lifting of certain restrictions and regulations on property ow...Property investment in Malaysia is increasingly popular among local and foreign investors. The strong support by the government through the relaxation and lifting of certain restrictions and regulations on property ownerships, have attracted investments in the Malaysian property market. This research studies the factors affecting the performance of 36 property firms listed on the Main Board of Bursa Malaysia from 2003 to 2007. This research employed ordinary least squares （OLS） method to represent all the variables comprising stock performance, return on assets （ROA）, return on equity （ROE）, debt ratio （DR）, net profit margin （NPM）, effective tax rate （ETR）, earnings per share （EPS）, and price earning （PE） ratio. Results show that ROA, ROE, and EPS have strong significant relationships with the property stock performance. Although it is a small sample size, some relevant changes and modifications can be included in future studies to obtain better results.展开更多
The present study investigated the effect of working capital management component on corporate profitability. A sample of 106 firms listed on Borsa Istanbul Stock Exchange （BIST） for the period of 2003-2013 was used...The present study investigated the effect of working capital management component on corporate profitability. A sample of 106 firms listed on Borsa Istanbul Stock Exchange （BIST） for the period of 2003-2013 was used. The secondary data for analysis were taken from Bloomberg＇s Database. The present study aims to explore the effect of working capital management components on corporate profitability. We observed that there was a negative correlation between gross operating profit and accounts receivables （A/R）. We also found that there was a positive correlation between gross operating profit and number of days inventory. But they did not affect the profitability of firms in the study at a significant level.展开更多
The majority of livestock in the rural areas of Africa are indigenous types that are not well defined as breeds as perceived by the developed world. The animals in this important sector have remained largely uncharact...The majority of livestock in the rural areas of Africa are indigenous types that are not well defined as breeds as perceived by the developed world. The animals in this important sector have remained largely uncharacterised and face the risk of genetic dilution due to indiscriminate crossbreeding, breed replacement and neglect. This article uses two examples to describe a system that has been implemented in South Africa that allows indigenous livestock from rural keepers to enter the seed stock industry as recognized breeds. The first example is the indigenous Nguni breed of cattle that has been successfully developed into a seed stock breed, with a society celebrating its 25th anniversary in November 2011. The second example involves the challenges of developing a seed stock industry for some of the unimproved indigenous goat breeds of South Africa. Climate change is expected to have a more extreme effect on southern hemisphere continents than on other continents. Such negative effects will include high ambient temperatures, nutritional stress and altered patterns of animal diseases. With the likelihood of global warming, these adapted genotypes can play a very important role in sustainable livestock production.展开更多
There is an extensive branch of literature that examines the success of Altman＇s Z-score in predicting bankruptcy or financial distress. The goal of this research paper is to investigate the stock price performance o...There is an extensive branch of literature that examines the success of Altman＇s Z-score in predicting bankruptcy or financial distress. The goal of this research paper is to investigate the stock price performance of firms that exhibit a large probability of bankruptcy according to the model of Airman. Regardless of the validity of Airman＇s Z-score, we utilize a new empirical design that relates stock price movements to Altman＇s Z-score. We focus and examine, through the methodology of panel data, whether stocks that have a high probability of bankruptcy underperform stocks with a low probability of bankruptcy or if there are differences in the way the markets react to the financial health of the sample firms.展开更多
Taiwan and China's Mainland signed the Economic Cooperation Framework Agreement （ECFA） on 29th June, 2010. The ECFA is a landmark bilateral trade agreement that can make Taiwan a new gateway to China's Mainl...Taiwan and China's Mainland signed the Economic Cooperation Framework Agreement （ECFA） on 29th June, 2010. The ECFA is a landmark bilateral trade agreement that can make Taiwan a new gateway to China's Mainland. However, the Taiwan Residents petrochemical industry would be very disappointed with the early harvest list as it excluded some critical export items. The purpose of this paper is to amend the understanding of the possible impact on petrochemical market after ECFA is enacted. The authors examine the cumulative daily response of stock prices to five announcements about the ECFA and evaluate the existence of the abnormal return. The authors use daily data from January 2010 to February 2011 to employ an event study approach. The empirical results suggest that the three ECFA announcement dates, as well as the signing date, show significantly negative abnormal return due to the prior positive cumulative response of Taiwan chemicals listed stock prices. This paper can provide the petrochemical industry manufacturer, owners, and investors with further insights into how chemicals stock returns react to a big event like ECFA.展开更多
In China, major shareholders of private listed enterprise could control its production and operation by virtue of few resources which makes it possible for ultimate controlling shareholders to expropriate minority sha...In China, major shareholders of private listed enterprise could control its production and operation by virtue of few resources which makes it possible for ultimate controlling shareholders to expropriate minority shareholders＇ rights and interests.In this paper, we studied the relationship between ultimate controlling shareholders and business performance of private enterprises based on the theory of ultimate controlling shareholders and made relevant conclusions and recommendations.展开更多
文摘In this paper, we study day-of-the-week effects in stock retums across different industry sectors in the New Zealand market. Unlike other studies on this market, we examine weekday seasonality using daily stock return data of four market indexes and 16 industry sectors for the period from October 1, 1997 to April 16, 2009. We do not find significant Monday anomalies of the market index, large capitalization stock index and all industry sectors except for the property sector. Our finding is inconsistent with the literature on the New Zealand stock market. However, we find that the mid and small capitalization stocks have significant negative returns on Mondays than on other weekdays, which is consistent with the previous studies in some other markets.
文摘Property investment in Malaysia is increasingly popular among local and foreign investors. The strong support by the government through the relaxation and lifting of certain restrictions and regulations on property ownerships, have attracted investments in the Malaysian property market. This research studies the factors affecting the performance of 36 property firms listed on the Main Board of Bursa Malaysia from 2003 to 2007. This research employed ordinary least squares （OLS） method to represent all the variables comprising stock performance, return on assets （ROA）, return on equity （ROE）, debt ratio （DR）, net profit margin （NPM）, effective tax rate （ETR）, earnings per share （EPS）, and price earning （PE） ratio. Results show that ROA, ROE, and EPS have strong significant relationships with the property stock performance. Although it is a small sample size, some relevant changes and modifications can be included in future studies to obtain better results.
文摘The present study investigated the effect of working capital management component on corporate profitability. A sample of 106 firms listed on Borsa Istanbul Stock Exchange （BIST） for the period of 2003-2013 was used. The secondary data for analysis were taken from Bloomberg＇s Database. The present study aims to explore the effect of working capital management components on corporate profitability. We observed that there was a negative correlation between gross operating profit and accounts receivables （A/R）. We also found that there was a positive correlation between gross operating profit and number of days inventory. But they did not affect the profitability of firms in the study at a significant level.
文摘The majority of livestock in the rural areas of Africa are indigenous types that are not well defined as breeds as perceived by the developed world. The animals in this important sector have remained largely uncharacterised and face the risk of genetic dilution due to indiscriminate crossbreeding, breed replacement and neglect. This article uses two examples to describe a system that has been implemented in South Africa that allows indigenous livestock from rural keepers to enter the seed stock industry as recognized breeds. The first example is the indigenous Nguni breed of cattle that has been successfully developed into a seed stock breed, with a society celebrating its 25th anniversary in November 2011. The second example involves the challenges of developing a seed stock industry for some of the unimproved indigenous goat breeds of South Africa. Climate change is expected to have a more extreme effect on southern hemisphere continents than on other continents. Such negative effects will include high ambient temperatures, nutritional stress and altered patterns of animal diseases. With the likelihood of global warming, these adapted genotypes can play a very important role in sustainable livestock production.
文摘There is an extensive branch of literature that examines the success of Altman＇s Z-score in predicting bankruptcy or financial distress. The goal of this research paper is to investigate the stock price performance of firms that exhibit a large probability of bankruptcy according to the model of Airman. Regardless of the validity of Airman＇s Z-score, we utilize a new empirical design that relates stock price movements to Altman＇s Z-score. We focus and examine, through the methodology of panel data, whether stocks that have a high probability of bankruptcy underperform stocks with a low probability of bankruptcy or if there are differences in the way the markets react to the financial health of the sample firms.
文摘Taiwan and China's Mainland signed the Economic Cooperation Framework Agreement （ECFA） on 29th June, 2010. The ECFA is a landmark bilateral trade agreement that can make Taiwan a new gateway to China's Mainland. However, the Taiwan Residents petrochemical industry would be very disappointed with the early harvest list as it excluded some critical export items. The purpose of this paper is to amend the understanding of the possible impact on petrochemical market after ECFA is enacted. The authors examine the cumulative daily response of stock prices to five announcements about the ECFA and evaluate the existence of the abnormal return. The authors use daily data from January 2010 to February 2011 to employ an event study approach. The empirical results suggest that the three ECFA announcement dates, as well as the signing date, show significantly negative abnormal return due to the prior positive cumulative response of Taiwan chemicals listed stock prices. This paper can provide the petrochemical industry manufacturer, owners, and investors with further insights into how chemicals stock returns react to a big event like ECFA.
文摘In China, major shareholders of private listed enterprise could control its production and operation by virtue of few resources which makes it possible for ultimate controlling shareholders to expropriate minority shareholders＇ rights and interests.In this paper, we studied the relationship between ultimate controlling shareholders and business performance of private enterprises based on the theory of ultimate controlling shareholders and made relevant conclusions and recommendations.
