In the current paper, the authors investigate empirically the relationship between the share price volatility and the amount of voluntary information disclosed in the corporate annual report. The authors use the data ...In the current paper, the authors investigate empirically the relationship between the share price volatility and the amount of voluntary information disclosed in the corporate annual report. The authors use the data envelopment analysis （DEA） and the stochastic frontier analysis （SFA） models on a sample of 50 listed French firms belonging to the Soci6t6s des Bourses Fran^aises （SBF250） index from 2004 to 2008. The authors focus on the extent of voluntary disclosure in the annual reports that have been measure by using a composite disclosure index. Then, the authors study the relevance of disclosure policies through the ability of the voluntary disclosure level to effectively reduce the share price volatility. The findings of DEA and SFA provide, in average, highly efficient scores of the sample, reveal the several dispositions taken by the French Exchange Market authorities and the initiative of French firms to improve the market stability. In addition, the findings highlight, in average, stability of the firms＇ efficiency scores over the studied period. The authors explain these findings by the stability of corporate disclosure policy as suggested in previous literature （e.g., Botosan, 1997）. However, there are some differences between the findings of SFA and DEA models.展开更多
The marketing share model of price and advertising in a duopoly market was studied in this paper. Market response curves of price and advertising were presented to calculate the reasonable range based on the market fo...The marketing share model of price and advertising in a duopoly market was studied in this paper. Market response curves of price and advertising were presented to calculate the reasonable range based on the market forecast results. The interaction effect of price and advertising was considered,and the game theory was applied to a two-stage price and advertising competition which involved the market share model. A marketing decision support system (MDSS) was developed and simulation data was provided to give the solutions. The operation results show that the leading enterprise makes higher price,spends more on advertising,and earns more profit,while the small-scale enterprise has to lower the price,spend less on advertising,and has slightly higher profit rate. The system is shown to be adaptable to a wide variety of realistic situations.展开更多
This paper introduces Israeli agricultural water price sharing system. According to Israeli agricultural water cost composition,water price sharing by farmers as well as government subsidy and its forms,the financial ...This paper introduces Israeli agricultural water price sharing system. According to Israeli agricultural water cost composition,water price sharing by farmers as well as government subsidy and its forms,the financial subsidy-based agricultural water price system has been established on the basis of the farmers' income in our country and reasonable water price sharing,thus to promote the development of water-saving agriculture in China.展开更多
“A limited company is more than a mere judicial entity, with a personality in law of its own： Behind it, or amongst it, there are individuals, with rights, expectations and obligations inter se”. The competitive at...“A limited company is more than a mere judicial entity, with a personality in law of its own： Behind it, or amongst it, there are individuals, with rights, expectations and obligations inter se”. The competitive attitude of the member states of the EU （European Union）, to become the most attractive for companies results in law reforms aiming at more flexible conflict between shareholders. Besides, the economic objective of avoiding a company＇s dissolution, the English, Dutch, and Belgian exit proceedings for the settlement of disputes between shareholders set up a social objective： protecting the interests of the minority shareholder of a private limited company. The paper consists of four chapters. The introduction lays out the necessity of buy-outs for shareholders of a private limited company. The first chapter describes the different facts justifying the buy-out of a shareholder on the basis of serious grounds. The second chapter presents the findings of a comparative research of the valuation of the shares transferred in an English, Dutch, and Belgian procedure. Finally, the conclusion summarises in which way the English, Dutch, and Belgian legal system protect the interests of the minority shareholder of a private limited company.展开更多
Stock market plays a pivotal role in firms’expansion and turns economic growth.In the literature,because of the importance of stock markets to the real economy,the smooth and risk-free operation of the stock market h...Stock market plays a pivotal role in firms’expansion and turns economic growth.In the literature,because of the importance of stock markets to the real economy,the smooth and risk-free operation of the stock market has attracted significant attention.The finance literature contains a large number of studies that examine the stock price behaviour with some emphasis on the determinants of the relationship between the equity prices and the financial market activities.The present study reviews the previous works of the effect of financial market variables and stock price.Five selected financial market variables,market capitalization,earnings per share,price earnings multiples,dividend yield,and trading volume are reviewed in this study.In the past literature,there are the opinions of the positive significant relationship between market capitalization and stock price.To find the relationship between dividend yield and stock price,there are two broad schools of thoughts.Both of the relevance and irrelevance theory of Gordon and Modigliani have the strong evidence in the current literature that keeps on the dilemma and provides the scopes for future research.Price-earnings multiples are analyzed in the past literature by using different variables.Based on that,it is evidenced that price-earnings multiples have a negative significant effect on stock price.The reviewed studies state the cointegrating relationship between the stock price and the trading volume as the trading volume is a source of risk.展开更多
Financial firms make up a substantial fraction of the domestic equity market. A number of studies subsequently used different conceptual and methodological approaches to model equity return of financial services firms...Financial firms make up a substantial fraction of the domestic equity market. A number of studies subsequently used different conceptual and methodological approaches to model equity return of financial services firms. Movement of the stock price as the consequence of the movement of the micro and macroeconomic factors is strongly supported by the literature review. Dhaka Stock Exchange in Bangladesh is inefficient in weak form. Multiple regression analysis is conducted to find out the relationship microeconomic factors with the stock price. In this study found a significant linear relationship among market return and some microeconomic factors such as net asset value per share, dividend percentage, earning per share of bank leasing and insurance companies. Also found non-linear relationship among the variables is insignificant at 95 percent level of significance.展开更多
This research work determined the impact of value relevance of accounting information on the stock price of manufacturing companies in Nigeria.More specifically,the study determines the impact of earnings per share an...This research work determined the impact of value relevance of accounting information on the stock price of manufacturing companies in Nigeria.More specifically,the study determines the impact of earnings per share and dividends on the stock price of Nigerian manufacturing companies.Ex post facto research and data were obtained from twenty audited annual reports and financial statements.This study used the ordinary least squares(OLS)estimation from 2012 to 2021 and covered ten years with the help of E-view 9.0 data analysis revealed that there is a positive insignificant relationship between stock dividends,earnings per share and stock price in the manufacturing sector in Nigeria.展开更多
文摘In the current paper, the authors investigate empirically the relationship between the share price volatility and the amount of voluntary information disclosed in the corporate annual report. The authors use the data envelopment analysis （DEA） and the stochastic frontier analysis （SFA） models on a sample of 50 listed French firms belonging to the Soci6t6s des Bourses Fran^aises （SBF250） index from 2004 to 2008. The authors focus on the extent of voluntary disclosure in the annual reports that have been measure by using a composite disclosure index. Then, the authors study the relevance of disclosure policies through the ability of the voluntary disclosure level to effectively reduce the share price volatility. The findings of DEA and SFA provide, in average, highly efficient scores of the sample, reveal the several dispositions taken by the French Exchange Market authorities and the initiative of French firms to improve the market stability. In addition, the findings highlight, in average, stability of the firms＇ efficiency scores over the studied period. The authors explain these findings by the stability of corporate disclosure policy as suggested in previous literature （e.g., Botosan, 1997）. However, there are some differences between the findings of SFA and DEA models.
文摘The marketing share model of price and advertising in a duopoly market was studied in this paper. Market response curves of price and advertising were presented to calculate the reasonable range based on the market forecast results. The interaction effect of price and advertising was considered,and the game theory was applied to a two-stage price and advertising competition which involved the market share model. A marketing decision support system (MDSS) was developed and simulation data was provided to give the solutions. The operation results show that the leading enterprise makes higher price,spends more on advertising,and earns more profit,while the small-scale enterprise has to lower the price,spend less on advertising,and has slightly higher profit rate. The system is shown to be adaptable to a wide variety of realistic situations.
基金Supported by Provincial Water Conservancy Research and Technology Promotion Project:Research on Key Technical Problems of Farmland Water Conservancy Projects in Shandong Province(SDSLKY201401)
文摘This paper introduces Israeli agricultural water price sharing system. According to Israeli agricultural water cost composition,water price sharing by farmers as well as government subsidy and its forms,the financial subsidy-based agricultural water price system has been established on the basis of the farmers' income in our country and reasonable water price sharing,thus to promote the development of water-saving agriculture in China.
文摘“A limited company is more than a mere judicial entity, with a personality in law of its own： Behind it, or amongst it, there are individuals, with rights, expectations and obligations inter se”. The competitive attitude of the member states of the EU （European Union）, to become the most attractive for companies results in law reforms aiming at more flexible conflict between shareholders. Besides, the economic objective of avoiding a company＇s dissolution, the English, Dutch, and Belgian exit proceedings for the settlement of disputes between shareholders set up a social objective： protecting the interests of the minority shareholder of a private limited company. The paper consists of four chapters. The introduction lays out the necessity of buy-outs for shareholders of a private limited company. The first chapter describes the different facts justifying the buy-out of a shareholder on the basis of serious grounds. The second chapter presents the findings of a comparative research of the valuation of the shares transferred in an English, Dutch, and Belgian procedure. Finally, the conclusion summarises in which way the English, Dutch, and Belgian legal system protect the interests of the minority shareholder of a private limited company.
文摘Stock market plays a pivotal role in firms’expansion and turns economic growth.In the literature,because of the importance of stock markets to the real economy,the smooth and risk-free operation of the stock market has attracted significant attention.The finance literature contains a large number of studies that examine the stock price behaviour with some emphasis on the determinants of the relationship between the equity prices and the financial market activities.The present study reviews the previous works of the effect of financial market variables and stock price.Five selected financial market variables,market capitalization,earnings per share,price earnings multiples,dividend yield,and trading volume are reviewed in this study.In the past literature,there are the opinions of the positive significant relationship between market capitalization and stock price.To find the relationship between dividend yield and stock price,there are two broad schools of thoughts.Both of the relevance and irrelevance theory of Gordon and Modigliani have the strong evidence in the current literature that keeps on the dilemma and provides the scopes for future research.Price-earnings multiples are analyzed in the past literature by using different variables.Based on that,it is evidenced that price-earnings multiples have a negative significant effect on stock price.The reviewed studies state the cointegrating relationship between the stock price and the trading volume as the trading volume is a source of risk.
文摘Financial firms make up a substantial fraction of the domestic equity market. A number of studies subsequently used different conceptual and methodological approaches to model equity return of financial services firms. Movement of the stock price as the consequence of the movement of the micro and macroeconomic factors is strongly supported by the literature review. Dhaka Stock Exchange in Bangladesh is inefficient in weak form. Multiple regression analysis is conducted to find out the relationship microeconomic factors with the stock price. In this study found a significant linear relationship among market return and some microeconomic factors such as net asset value per share, dividend percentage, earning per share of bank leasing and insurance companies. Also found non-linear relationship among the variables is insignificant at 95 percent level of significance.
文摘This research work determined the impact of value relevance of accounting information on the stock price of manufacturing companies in Nigeria.More specifically,the study determines the impact of earnings per share and dividends on the stock price of Nigerian manufacturing companies.Ex post facto research and data were obtained from twenty audited annual reports and financial statements.This study used the ordinary least squares(OLS)estimation from 2012 to 2021 and covered ten years with the help of E-view 9.0 data analysis revealed that there is a positive insignificant relationship between stock dividends,earnings per share and stock price in the manufacturing sector in Nigeria.
