Short-Term Institutions, Analyst Recommendations, And Mispricing: The Role Of Higher Order Beliefs,
2021
University of Notre Dame
Short-Term Institutions, Analyst Recommendations, And Mispricing: The Role Of Higher Order Beliefs, Martijn Cremers, Ankur Pareek, Zacharias Sautner
Department of Finance Faculty Research
We document that stocks that have optimistic (pessimistic) consensus recommendations and are currently held by many short-term institutions exhibit large stock-return reversals: Their large past outperformance (underperformance) is followed by large negative (positive) future alphas. The predictable return reversals originate from overreaction to past recommendation releases and the correction of these overreactions around future releases. Results are stronger when earnings news is released and at firms with higher fundamental uncertainty. Further, firms with more short-term institutions show stronger announcement returns and price drift after recommendation changes. Our results are consistent with models of higher order beliefs where short-term institutions coordinate …
Islamic Insurance On Research: Bibliometric Analysis,
2021
Faculty of Economics and Business, Siliwangi University
Islamic Insurance On Research: Bibliometric Analysis, Dedi Kusmayadi, Irman Firmansyah, Iwan Hermansyah
Library Philosophy and Practice (e-journal)
This study explains the development of articles on Islamic insurance. The data is taken from dimensions.ai database from 2014 to 2021. The data analysis is bibliometric using R biblioshiny software. The number of articles collected is 500 documents from the Journal 399 documents, Chapter 60 documents, edited book 8 documents, monograph 6 documents, preprints 13 documents, and proceedings 14 documents. The results of the analysis show that the development of articles with the theme of Islamic insurance has increased. The most productive author is Billah MM with a total of 12 articles, while the author who writes the most consistent …
The Determinants Of House Prices In Malaysia,
2021
Khazanah Nasional Berhad, Malaysia
The Determinants Of House Prices In Malaysia, Hazmi Hamizan Bin Mohd Zaki
International Journal of Management, Finance and Accounting
This paper studied how house prices were affected by macroeconomic factors from Q1 2009 to Q4 2018. The short and long-run effects of real income, nominal interest rates, inflation rate and stock prices on house prices in Malaysia were examined with the autoregressive distributed lag (ARDL) of a restricted error correction model (ECM). It was discovered that the selected macroeconomic factors were cointegrated with house prices. Income, represented by real Gross Domestic Product (GDP), significantly affected house prices in the short and long-run. Inflation and interest rate, proxied by Consumer Price Index (CPI) and Overnight Policy Rate (OPR), respectively, affected …
Factors Affecting Accumulation Of Household Debts In Malaysia,
2021
Faculty of Management, Multimedia University, Malaysia.
Factors Affecting Accumulation Of Household Debts In Malaysia, Yvonne Lean-Ee Lee, Vanisa Sukhavudh Charun, Hazmi Hamizan Mohd Zaki
International Journal of Management, Finance and Accounting
Since 2000, the ratio of debt to income among Malaysian households has been showing an upward trend. This paper examines the factors affecting accumulation of household loans into two main categories, housing loans and consumption loans. The purpose of this separation is to study the impact of savings on housing loans and consumption loans individually, which has not been researched in a Malaysian context prior to this. By adopting the Vector Error Correction Model (VECM), we found that cost of living, house prices and savings impacts accumulation of housing loans and consumption loans differently. There is a positive relationship between …
A Roller Coaster Ride,
2021
Faculty of Management, Multimedia University, Malaysia.
A Roller Coaster Ride, Hasni Binti Mohd Hanafi, Azman Bin Jantan
International Journal of Management, Finance and Accounting
Fun Extreme Park is a new theme park in town. After a few years in operation, the park is facing a crisis in declining number of visitors. Revenue is greatly affected as the biggest revenue stream comes from the sales of tickets. A few other challenges have been identified that may further contribute to the decline in the visitors’ numbers. The sales of retail products are not promising and there has been an increasing complaint from customers on the quality of food and services at their restaurants. Despite having ten rides in the park, some of the popular rides are …
Leveraging Business Data Analytics And Machine Learning Techniques For Competitive Advantage: Case Study Evidence From Small Businesses,
2021
Faculty of Management, Multimedia University, Malaysia.
Leveraging Business Data Analytics And Machine Learning Techniques For Competitive Advantage: Case Study Evidence From Small Businesses, Rathimala Kannan, Intan Soraya Binti Rosdi, Kannan Ramakrishnan, Haziq Riza Bin Abdul Rasid, Mohamed Haryz Izzudin Bin Mohamed Rafy, Sukinurlin Yusuf, Siti Nurfara Alia Binti Mohd Salamun
International Journal of Management, Finance and Accounting
Data analytics is the essential component in deriving insights from data obtained from multiple sources. It represents the technology, methods and techniques used to obtain insights from massive datasets. As data increases, companies are looking for ways to gain relevant business insights underneath layers of data and information, to help them better understand new business ventures, opportunities, business trends and complex challenges. However, to date, while the extensive benefits of business data analytics to large organizations are widely published, micro, small, and medium sized organisations have not fully grasped the potential benefits to be gained from data analytics using machine …
Aurora: The Pandemic Within,
2021
Faculty of Management, Multimedia University, Malaysia.
Aurora: The Pandemic Within, Nahariah Jaffar, Haslin Johari
International Journal of Management, Finance and Accounting
Aurora Layar Group (Aurora) had been experiencing losses for three consecutive years since 2017. Among factors contributing to these losses were high depreciation due to high capital expenditure and recognition of impairment losses. However, Aurora managed to reduce its losses from RM252 billion in 2017 to RM79.5 billion in 2019. Unfortunately, the Covid-19 pandemic had hammered many industries worldwide including Aurora, in the travel, leisure and hospitality sector. The implication from the restrictions on business operations due to the Covid-19 pandemic on Aurora was evidenced by its reported losses of RM371.3 billion in the first six months to June 2020 …
Driving Inclusiveness From The Grassroots: The Tambunan Inventors,
2021
Faculty of Management, Multimedia University, Malaysia.
Driving Inclusiveness From The Grassroots: The Tambunan Inventors, Kamarulzaman Abdul Aziz, Jule Ashikin Julai Poh
International Journal of Management, Finance and Accounting
Reviews of recent studies indicated the growing importance of development and attainment of inclusive societies via inclusive innovations. This is especially relevant for addressing the disenfranchised or those at the base of the economic pyramid (BOP). Gaps in the literature pointed to; l) the need for understanding of inclusive innovation processes among small, medium and micro enterprises vis-à-vis among local entrepreneurs, ll) there is a lack of studies on inclusive innovation movement in Malaysia. Specifically under the SME Masterplan 2012-2020, there are a number of high impact programmes defined to drive numerous aims. Specifically, for driving inclusive innovation among Small …
Financing Of Small And Medium Scale Enterprises And Its Growth Impact In Nigeria.,
2021
University of Lagos, Nigeria
Financing Of Small And Medium Scale Enterprises And Its Growth Impact In Nigeria., Charles Onyeiwu Ph.D, Obumneke Bob Muoneke, Udo Nkoyo
The Journal of Entrepreneurial Finance
Abstract: We examined the extent to which SMEs financing influenced economic growth in Nigeria through the use of time-series data from 1999-2018. After a literature search, other factors possessing the potential to influence the dependent variable ASGDP was added to the research model. Relying on Ordinary Least Squares estimation using E-views 10.0, findings shows that lending rate reduces ASGDP by 7% and gross capital formation reduces ASGDP by 5%. On the other hand, surprisingly, credit to SMEs did not retain the massive effect on growth as seen in previous studies. We can attribute this to our choice of adopting SME …
Mathematical Modeling On Islamic Economics And Finance: A Scientometric,
2021
SMART Indonesia
Mathematical Modeling On Islamic Economics And Finance: A Scientometric, Aam Slamet Rusydiana, Yulizar Djamaluddin Sanrego, Wahyu Ario Pratomo
Library Philosophy and Practice (e-journal)
This study aims to determine the development map of mathematic model in islamic economics and finance research that is indexed by Dimensions with the keyword "Mathematical in Islamic economics finance". The data analyzed were 76 selected publications. The development map of mathematic model in islamic economics and finance research analyzed using the Biblioshiny-R and VOSviewer application program to find out the bibliometric map. The results showed that the number of publications on the development of mathematic model in islamic economics and finance research from 1980-2020 experienced a significant increase and the highest impact …
Charles Wells,
2021
Pace University
Charles Wells, Charles Wells
Oral History
Charles Wells attended Pace from 1969 to 1972 and graduated with an MBA in Finance and Marketing.
Covid-19: World After The Crisis,
2021
PhD Candidate, Specialist at the Centre for International Economic and Political Studies, UWED
Covid-19: World After The Crisis, N. Rakhmatullaeva
International Relations: Politics, Economics, Law
The digest introduces readers with the main theses of Josep Borrell, High Representative of the EU reflected in his article COVID-19: le monde d’après est déjà là for the revue Politique étrangère.
The Improvement Of Transport System Leads To Economic Growth: A Myth Or A Reality?,
2021
Senior Lecturer of International Finance and Investments Department, UWED
The Improvement Of Transport System Leads To Economic Growth: A Myth Or A Reality?, A. K. Abdullaev
International Relations: Politics, Economics, Law
The given article is devoted to the relation and mutual influence of transport sphere and economic growth. The author analyzes how transport investments and improvements can lead to economic growth and other gains for the country.
Foreign Experience In Applying Ipo Practice In Uzbekistan’S Securities Market And Potential Of Using Derivatives,
2021
Senior Lecturer of International Finance and Investments Department, UWED
Foreign Experience In Applying Ipo Practice In Uzbekistan’S Securities Market And Potential Of Using Derivatives, G. M. Bakoeva
International Relations: Politics, Economics, Law
This article is devoted to the role of IPO and SPO operations in development of securities market in Uzbekistan, and problems and solutions in this sphere. Also it is directed to study measures of implementation of international experience on investors’ attraction into the stock exchange and enlarging the number of them in terms of Uzbekistan.
International Politics: Growing Challenges And New Opportunities,
2021
Doctor of philosophy (PhD) in political
sciences
International Politics: Growing Challenges And New Opportunities, Sh. Sh. Tadjiev
International Relations: Politics, Economics, Law
In the present article the author tried to analyze the processes underway in the world political arena, give his assessments concerning some new global challenges and threats in the post-COVID period. He made an attempt to give a brief review of the current role and place of Uzbekistan in the regional and international politics.
Skbi Big 5 Survey 2021 February,
2021
Singapore Management University
Skbi Big 5 Survey 2021 February, Singapore Management University
Sim Kee Boon Institute for Financial Economics
The latest survey results suggest that the five largest economies collectively is projected to snapback to almost 6% in 2021, a modest upgrade from the August median, following an unprecedented preliminary contraction of roughly 4% last year (in real GDP terms). The 2022 median growth forecast of slightly above 4.5%, while slower, is still respectable, outstripping its pre-COVID 10-year average pace by more than half a percentage point. The aggregate upgrade in 2021, however, obscures the lopsided nature and highly uneven contour of the ongoing recovery. The bulk of the upward revision to growth was mainly due to IN (to …
Securities Litigation And Corporate Tax Avoidance,
2021
Marquette University
Securities Litigation And Corporate Tax Avoidance, Matteo P. Arena, Bin Wang, Rong Yang
Finance Faculty Research and Publications
We examine whether litigation risk is systematically related to corporate tax avoidance. We find that the exogeneous reduction in the threat of securities class action litigation due to the 1999 ruling of the Ninth Circuit Court of Appeals effectively increases corporate tax avoidance, which is consistent with the notion that the threat of shareholder litigation plays a disciplinary role in curbing managerial rent extraction from tax avoidance activities. This finding is robust to alternative model specifications including two placebo tests and propensity score matching. We further find that labor union and alternative external governance mechanisms such as analyst coverage and …
Seasoned Equity Offerings And Corporate Financial Management,
2021
Singapore Management University
Seasoned Equity Offerings And Corporate Financial Management, Michael J. Barclay, Fangjian Fu, Clifford W. Smith
Research Collection Lee Kong Chian School Of Business
We assume executives managing corporate financial policy consider the firm's current and target leverage, investment plans, anticipated cash flows, and consequences of alternative sequences of financing transactions, operating within efficient markets. Our analysis yields time-series and cross-sectional predictions for management of investment spending and leverage; use of maturity, priority, and convertibility covenants; and management of dividends, share repurchases, cash balances, and credit lines. Our evidence from 8608 SEOs covering 1970–2015 is consistent with implications of our theory, helps to resolve an array of issues in corporate finance, and offers a step toward a more unified analysis of rational corporate financial …
Hedge Fund Franchises,
2021
PI Asset Management
Hedge Fund Franchises, William Fung, David Hsieh, Narayan Naik, Melvyn Teo
Research Collection Lee Kong Chian School Of Business
We investigate the growth strategies of hedge fund firms. We find that firms with successful first funds are able to launch follow-on funds that charge higher performance fees, set more onerous redemption terms, and attract greater inflows. Motivated by the aforementioned spillover effects, first funds outperform follow-on funds, after adjusting for risk. Consistent with the agency view, greater incentive alignment moderates the performance differential between first and follow-on funds. Moreover, multiple-product firms underperform single-product firms but harvest greater fee revenues, thereby hurting investors while benefitting firm partners. Investors respond to this growth strategy by redeeming from first funds of firms …
Building Growth Enterprises In Singapore: Public-Private Partnership,
2021
Singapore Management University
Building Growth Enterprises In Singapore: Public-Private Partnership, Annie Koh, Esther Kong
Research Collection Lee Kong Chian School Of Business
This chapter traces the growth and development of Small Medium Enterprises (SMEs) from post-independent Singapore in 1965 to its current day digital transformation age. Singapore’s SME landscape has evolved from one of low wage, low productivity entrepot trade, to supporting multi-national corporations, and transforming into the innovative, digital and agile enterprises of today. The four main challenges faced by SMEs are in human capital, internationalisation, innovation and financing, and dependency on government policies are highlighted. Moving ahead, digitalisation, and building TIEs that bind leveraging on Trust, Innovation and Internationalisation, and Entrepreneurship, will be key to propel the nation and family …
