Does investor ownership of nursing homes compromise the quality of care?

Science.gov (United States)

Harrington, C; Woolhandler, S; Mullan, J; Carrillo, H; Himmelstein, D U

2001-09-01

Two thirds of nursing homes are investor owned. This study examined whether investor ownership affects quality. We analyzed 1998 data from state inspections of 13,693 nursing facilities. We used a multivariate model and controlled for case mix, facility characteristics, and location. Investor-owned facilities averaged 5.89 deficiencies per home, 46.5% higher than nonprofit facilities and 43.0% higher than public facilities. In multivariate analysis, investor ownership predicted 0.679 additional deficiencies per home; chain ownership predicted an additional 0.633 deficiencies. Nurse staffing was lower at investor-owned nursing homes. Investor-owned nursing homes provide worse care and less nursing care than do not-for-profit or public homes.

Debunking the Monday Irrationality through the External Affection of Investors

Directory of Open Access Journals (Sweden)

Rayenda Brahmana

2016-02-01

Full Text Available This study aims to reveal the mechanism of the influences of the full moon and high temperatures on investors’ Monday irrationality. In contrast to other studies, this research was built under a retroductive approach by using a time series quasi experimental study. Investors were directly assessed for their irrationality by using an adapted psychometric test on 4 occasions. The results indicate that there were indeed effects of the full moon and high temperatures on investors’ irrationality. Because the full moon and high temperatures frequently occurred on Mondays, it is most probably those two variables that were the drivers of the Monday irrationality. In the end, we concluded that the rational behaviour assumption can no longer be held. Instead of rationality, the investors were quasi rational. The utility function of Von Neumann-Morgenstern in decision making has to be replaced by the hedonic utility.

24 CFR 330.35 - Investors.

Science.gov (United States)

2010-04-01

... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Investors. 330.35 Section 330.35... SECURITIES § 330.35 Investors. Association guaranteed multiclass securities may not be suitable investments for all investors. No investor should purchase securities of any class unless the investor understands...

Do investors become risk takers after receiving MLA and accounting information?

Directory of Open Access Journals (Sweden)

Ni Made Wisni Arie Pramuki

2016-11-01

Full Text Available This study aimed to find out, empirically, the effect of myopic loss aversion and accounting information on the behavior of investors. The method used is pure experiment by using a 2×2 factorial design between subjects. The results show that myopic loss aversion and accounting information positively affects investor behavior. Another result reveals that there is a difference in treatment (frequent and infrequent that was equally given accounting information. There is a difference of treatment (frequent and infrequent that was not given accounting information, but the results return obtained by investors with the treatment of frequent is higher than investors with the treatment of infrequent, it indicates that investors that were treated frequently to be more willing to take a risk, and investors proved not to experience MLA. It was not found the difference in treatment (frequent and infrequent with accounting information with those that were not given accounting information. It can be caused by a lack of understanding of investors (in this case by the students in interpreting and analyzing accounting information as well as private signals that still dominate the investors.

Managerial incentives for attracting attention and firm investor base

OpenAIRE

Papiashvili, Nino

2016-01-01

This thesis studies how managerial incentives relate to strategic transmission of soft information from managers to investors in order to attract attention of financial markets. Additionally, I study trading reaction of different investors (large sophisticated vs. small individual) to CEO voluntary announcements and how their trading is affected when managerial incentives are taken into account. I use large panel data and several alternative proxies for soft information togethe...

Trading Behavior of Foreign Vis a Vis Local Investors in The Indonesian Stock Market

Directory of Open Access Journals (Sweden)

Soemarso Slamet Rahardjo

2015-04-01

Full Text Available This paper studies the behavior of foreign, local investors and total market in a stock trading. The analysis is focused on their implementation of positive feedback strategy, the existence of mean reverting process and their sensitivity toward expected capital gain and losses. The result reveals that both of these two investors apply the positive feedback strategy, at a different degree. The investment horizon of the foreign investors is shorter than the local investors. There is a mean reverting pattern in the price volatilities. The convergence period for local investor is 2.4. The market needs 1.8 month. No convergence period for foreign investors. The local investors and total market are neutral toward expected gain and losses. The foreign investors are more sensitive to capital loss. Previous price and volume changes have a leverage effect to the current demand of foreign investors. The local investors are affected by changes in price only.

Do anchor investors create value for initial public offerings? An empirical investigation

Directory of Open Access Journals (Sweden)

Seshadev Sahoo

2017-12-01

Full Text Available The concept of anchor investors was introduced by the market regulator, Securities Exchange Board of India (SEBI, to bring transparency in the book building mechanism. We examine anchor investors' investment in initial public offerings (IPOs to determine how they create value for issuing firms and participating investors. Using a database of 135 IPOs issued in the Indian market through book building mechanism during 2009–2014, we find that anchor investors' investment in IPOs reduces underpricing. Larger subscription from retail investors for anchor-supported IPOs indicates that anchor investors' participation is viewed as a credible attestation of quality of the issue. We document that anchor-supported IPOs are more liquid and less volatile in the short run. We also find that by controlling for other factors such as offer size, subscription rate and age of the firm, a part of the underpricing is reduced by anchor investors.

Standardizing the Presentation of Financial Data : Does XBRL’s Taxonomy Affect the Investment Performance of Nonprofessional Investors?

OpenAIRE

Henderson, Cassy; Huerta, Esperanza; Glandon, TerryAnn

2015-01-01

Extensible Business Reporting Language (XBRL) is mandated in the United States to make financial information easier to analyze and more useful for investors. When the technology is implemented as intended, it can standardize the information presented in the financial statements. The format is especially beneficial for nonprofessional investors, which represent approximately 41 million investors investing the United States stock exchange. In this study, we conduct an experiment comparing stand...

Investor Protections and Economic Growth

OpenAIRE

Haidar, Jamal Ibrahim

2009-01-01

Using objective measures of investor protections in 170 countries, I establish that the level of investor protection matters for cross-country differences in GDP growth: countries with stronger protections tend to grow faster than those with poor investor protections.

The Local Bias of Individual Investors

OpenAIRE

Ning Zhu

2002-01-01

This study investigates individual investors' bias towards nearby companies. Using data from a large U.S. discount brokerage, we find that individual investors tend to invest in companies closer to them relative to the market portfolio. Unlike Coval and Moskowitz's (1999) findings on institutional investors, however, we find that advantageous information cannot explain individual investors' local bias. Accounting numbers and information asymmetry matter less to individual investors' local bia...

Ambiguity and Investment Decisions: An Empirical Analysis on Mutual Fund Investor Behaviour

Directory of Open Access Journals (Sweden)

Chao Tang

2017-09-01

Full Text Available The paper empirically studies the relationship between ambiguity and mutual fund investor behaviour. Theoretical models for investment decisions incorporating ambiguity motivate our analyses. While the models indicate that investors would less likely to invest in financial markets when ambiguity increases, there is rare empirical evidence in natural occurring financial data to examine this hypothesis. In this paper, we test the hypothesis with equity fund flow data as for investment decisions and ambiguity with the degree of disagreement in equity analysts’ prediction about asset returns. Our results support the hypothesis that increases in ambiguity could lead to less fund flows and this result remains consistently when adding various control variables affecting fund flows. Besides, we find that heterogeneous impacts of ambiguity: equity funds with high yield targets and active management style are affected more than funds investing in stable stocks; funds with larger proportion of institutional investors are more sensitive and affected by the ambiguity.

PERSEPSI RISIKO DAN KECENDERUNGAN RISIKO INVESTOR INDIVIDU

Directory of Open Access Journals (Sweden)

Wiwik Lestari

2017-03-01

Full Text Available The two important measurements of risks on behavioral point of view were risk perception and risk propensity.The two construct hypothesizes had negative relationship. This study attempted to establish a model by whichto measure those attitudes towards investment risk and also examined some variables that were postulated asexternal factors of investor investment decision. External factors were the availability of information, socialinteraction, financial adviser and familiarity. The data were collected on a survey research to 150 investors asrespondents in Surabaya area. By employing GeSCA, the result showed that risk propensity and risk perceptionhad negative correlation, supporting previous studies on this two variables relationship. This study alsoproved that external factor significantly affected risk perception and risk propensity

Are domestic investors more informed than foreign investors? Evidence from the Perfectly Segmented Market in China

NARCIS (Netherlands)

Chan, K.A.; Menkveld, A.J.; Yang, Z.

2007-01-01

This paper uses the perfect market segmentation setting in China's stock market to compare the information content of the stock trades of domestic and foreign investors. We study 76 firms that issue both A-shares (for domestic investors) and B-shares (for foreign investors) and compare the price

Option trading and individual investor performance

NARCIS (Netherlands)

Bauer, R.; Cosemans, M.; Eichholtz, P.

2009-01-01

This paper examines the impact of option trading on individual investor performance. The results show that most investors incur substantial losses on their option investments, which are much larger than the losses from equity trading. We attribute the detrimental impact of option trading on investor

The Inventor-Investor Conundrum

Science.gov (United States)

Hobbs, Francis

2006-01-01

The complexities of developing a business based on a novel product may appear insurmountable. Stereotypical convention suggests that there are two major players: polarized inventors and "greedy" investors. Surely there is a way of aligning the inventor-investor relationship into something positive for both parties? In this paper Francis…

Common mistakes of investors

Directory of Open Access Journals (Sweden)

Yuen Wai Pong Raymond

2012-09-01

Full Text Available Behavioral finance is an actively discussed topic in the academic and investment circle. The main reason is because behavioral finance challenges the validity of a cornerstone of the modern financial theory: rationality of investors. In this paper, the common irrational behaviors of investors are discussed

Are two investors better than one?

OpenAIRE

Annamaria Menichini; Peter Simmons

2001-01-01

This paper compares the optimal investor repayment contracts of a firm which has private information over its expost revenues when the finance can be provided by a single or by two investors (say a big shareholder and a group of small dispersed shareholders). Costly monitoring can be carried out by those investors who have a larger stake into the contract. When they are the only investors we use the Khalil-Parigi financial contract with non-contractible monitoring, in which the probabilities ...

KNOWLEDGE AND SKILLS OF PROFESSIONALS IN INVESTOR RELATIONS

Directory of Open Access Journals (Sweden)

Andreja Hašček

2017-01-01

Full Text Available Management of investor relations is of utmost importance for a company that raises capital for its operations and projects in the capital market. Investor relations is a function through which the company develops investor confidence in the company and its business operations by establishing a continuous flow of information from the company to the investors on the basis of which investors can make an informed decision about investing in that company, and a flow of information from the investors to the company on the basis of which the company can draw conclusions on the requirements, needs and expectations of investors. Since this is an interdisciplinary function of the company, professionals with a broad range of knowledge and skills work in investor relations. This paper identifies the required knowledge and skills that are minimally required in order for a person in investor relations to be able to fulfil the basic task of this function, the purpose of which is to develop investor confidence in the company and its business operations in order to secure access to investor capital for the company.

Private Equity for Retail Investors : How to efficiently involve Finnish retail investors in private equity

OpenAIRE

Moita, Angelo

2017-01-01

Private equity has been the best performing asset class for institutional investors. Meanwhile, retail investors have been left out from the asset class for several reasons, such as legislation and wealth profiling. This study aims at assessing the types of private equity vehicles that could be the most appropriate for Finnish retail investors. The study solely focuses on the investment opportunities, hence it does not cover investment behaviour. Private equity should not be a primary as...

Learning from your investors: can the geographical composition of institutional investors affect the chance of success in international M&A deals?

OpenAIRE

Faelten, A.; Gietzmann, M.; Vitkova, V.

2013-01-01

We produce new evidence on whether management which is keen to make foreign acquisitions can benefit from consultation with information-intensive institutional investors who have expertise in the target foreign markets. This research suggests that, in such instances, management should recognise the benefit of effective two-way communication before embarking on such costly strategies. Consistent with theoretical literature, we propose that this can be explained by the fact that complex valuati...

Islamic and conventional bank market value: Manager behavior and investor sentiment

Directory of Open Access Journals (Sweden)

Mouna Abdelhedi-Zouch

2016-12-01

Full Text Available This paper studies the effect of bank manager behavior and investor behavior on market value of Islamic and conventional banks in the Middle East and North Africa region. Firstly, our analysis denoted the positive effect of discretionary behavior of manager on both types of banks on share prices since discretionary behavior transmits to investor a positive signal of future earnings’ prospects. Also, we find that the conventional bank stock prices response is very high to negative signal compared with positive signal. This result is explained by prospect theory and loss aversion bias which specified that individuals are more sensitive to losses than gains of same magnitude. In particular, we discover that the negative effect of non-discretionary behavior is much lower on Islamic bank value since investors give more confidence to Islamic bank because they are motivated by the idea that Islamic banks are safer than conventional banks. Secondly, the results show that investor sentiment affects significantly both bank market prices. Thus, both Islamic and conventional banks’ market value depends similarly on manager and investor behavior. The implication of this paper is that Islamic bank concentrations reveal a positive effect on their price values because of the recently increased investments in Islamic banks.

Essays on investor behavior and trading activity

OpenAIRE

Kyröläinen, P. (Petri)

2007-01-01

Abstract This thesis investigates a set of equity market phenomena associated with investors' trading activity, using a comprehensive Finnish Central Securities Depository (FCSD) database that records practically all trades by Finnish investors. This database enables us to classify a large number of heterogeneous investors using both economic and institutional characteristics. The first essay classifies investors by trading activity. It analyzes trading styles of active and passive inv...

Modifier words in the financial press and investor expectations

NARCIS (Netherlands)

Bosman, Ronald; Kräussl, Roman; Mirgorodskaya, Elizaveta

2017-01-01

We experimentally investigate the priming effect of modifier words in the news media by looking at how different formulation of news affects investor expectations and beliefs. We asked subjects to estimate the future stock price for twelve real (anonymous) listed companies. They received information

Lithuanian Investors' Behaviour During Financial Crisis

OpenAIRE

Bikas, Egidijus; Kavaliauskas, Andrius

2010-01-01

Based on research of academic literature, this article analyses Lithuanian investors' behaviour during financial crisis. The article summarizes the newest finance science subjects, theories of behavioural finance, and works of various scientists, in order to find cognitive and emotional investors' deviations from rational behaviour, and also to better understand and explain how emotions and environment valuation mistakes influence investors and their decision-making. Emotional nature of inves...

78 FR 66318 - Securities Investor Protection Corporation

Science.gov (United States)

2013-11-05

...] Securities Investor Protection Corporation AGENCY: Securities and Exchange Commission. ACTION: Proposed rule. SUMMARY: The Securities Investor Protection Corporation (``SIPC'') filed a proposed rule change with the... satisfaction of customer claims for standardized options under the Securities Investor Protection Act of 1970...

Investor attention and FX market volatility

OpenAIRE

Goddard, John; Kita, Arben; Wang, Qingwei

2015-01-01

We study the relationship between investors’ active attention, measured by a Google search volume index (SVI), and the dynamics of currency prices. Investor attention is correlated with the trading activities of large FX market participants. Investor attention comoves with comtemporaneous FX market volatility and predicts subsequent FX market volatility, after controlling for macroeconomic fundamentals. In addition, investor attention is related to the currency risk premium. Our results sugge...

A Conceptual Model of Investor Behavior

OpenAIRE

Lovric, M.; Kaymak, U.; Spronk, J.

2008-01-01

textabstractBased on a survey of behavioral finance literature, this paper presents a descriptive model of individual investor behavior in which investment decisions are seen as an iterative process of interactions between the investor and the investment environment. This investment process is influenced by a number of interdependent variables and driven by dual mental systems, the interplay of which contributes to boundedly rational behavior where investors use various heuristics and may exh...

How investor perceptions drive actual trading and risk-taking behavior

NARCIS (Netherlands)

Hoffmann, A.O.I.; Post, T.; Pennings, J.M.E.

2015-01-01

Recent work in behavioral finance showed how investors' perceptions (i.e., return expectations, risk tolerance, and risk perception) affect hypothetical trading and risk-taking behavior. However, are such perceptions also capable of explaining actual trading and risk-taking behavior? To answer this

Investor reaction to strategic emphasis on earnings numbers: An empirical study

Directory of Open Access Journals (Sweden)

M. Shibley Sadique

2013-10-01

Full Text Available We analyze the earnings information and stock prices of S&P500 firms and find that investors following S&P500 stocks (i respond more to pro forma earnings than to GAAP earnings, (ii respond to an emphasis on pro forma earnings, and (iii are fixated on pro forma earnings. We provide the first direct evidence that a strategic emphasis on earnings numbers may affect return volatility. Further, our results do not support the argument that a larger investor response to Street earnings might be driven by large differences between the Street numbers and GAAP numbers.

Models of Investor Forecasting Behavior — Experimental Evidence

Directory of Open Access Journals (Sweden)

Federico Bonetto

2017-12-01

Full Text Available Different forecasting behaviors affect investors’ trading decisions and lead to qualitatively different asset price trajectories. It has been shown in the literature that the weights that investors place on observed asset price changes when forecasting future price changes, and the nature of their confidence when price changes are forecast, determine whether price bubbles, price crashes, and unpredictable price cycles occur. In this paper, we report the results of behavioral experiments involving multiple investors who participated in a market for a virtual asset. Our goal is to study investors’ forecast formation. We conducted three experimental sessions with different participants in each session. We fit different models of forecast formation to the observed data. There is strong evidence that the investors forecast future prices by extrapolating past price changes, even when they know the fundamental value of the asset exactly and the extrapolated forecasts differ significantly from the fundamental value. The rational expectations hypothesis seems inconsistent with the observed forecasts. The forecasting models of all participants that best fit the observed forecasting data were of the type that cause price bubbles and cycles in dynamical systems models, and price bubbles and cycles ended up occurring in all three sessions.

Can investor sentiment be used to predict the stock price? Dynamic analysis based on China stock market

Science.gov (United States)

Guo, Kun; Sun, Yi; Qian, Xin

2017-03-01

With the development of the social network, the interaction between investors in stock market became more fast and convenient. Thus, investor sentiment which can influence their investment decisions may be quickly spread and magnified through the network, and to a certain extent the stock market can be affected. This paper collected the user comments data from a popular professional social networking site of China stock market called Xueqiu, then the investor sentiment data can be obtained through semantic analysis. The dynamic analysis on relationship between investor sentiment and stock market is proposed based on Thermal Optimal Path (TOP) method. The results show that the sentiment data was not always leading over stock market price, and it can be used to predict the stock price only when the stock has high investor attention.

Investments on a Rugged Landscape: The Effect of Investor Population, Network Structure, and Complexity on Technological Change

DEFF Research Database (Denmark)

Hain, Daniel; Mas Tur, Elena

In this paper, we investigate which characteristics of technological and financial systems might be conductive for technological change. We are particularly in how the interplay between capabilities, resources and networks among investors with the complexity and maturity of technologies affect...... rates of technological change and diversity, and prevents technologies from getting stuck in the financial “valley of death”. In a next step, we introduce investor networks and allow agents to co-invest together in order to pool financial resources and get access to their forecasting capability...... in a specific technological domain. We compare which investor network structures lead to the high rates of technological change and diversity on a given technology landscape. Results from a Monte Carlo simulation indicate networked investor population to outperform the case of isolated stand-alone investors...

The disposition effect and investor experience

OpenAIRE

Da Costa Jr, Newton; Goulart, Marco; Cupertino, Cesar; Macedo Jr, Jurandir; Da Silva, Sergio

2013-01-01

We examine whether investing experience can dampen the disposition effect, that is, the fact that investors seem to hold on to their losing stocks to a greater extent than they hold on to their winning stocks. To do so, we devise a computer program that simulates the stock market. We use the program in an experiment with two groups of subjects, namely experienced investors and undergraduate students (the inexperienced investors). As a control procedure, we consider random trade decisions made...

The comparative economic performance of investor-owned chain and not-for-profit hospitals.

Science.gov (United States)

Watt, J M; Derzon, R A; Renn, S C; Schramm, C J; Hahn, J S; Pillari, G D

1986-01-09

We examined the differences in the economic performance of 80 matched pairs of investor-owned chain and not-for-profit hospitals in eight states during 1978 and 1980, and considered how their operating strategies might affect their relative success in a more price-conscious market. We found that total charges (adjusted for case mix) and net revenues per case were both significantly higher in the investor-owned chain hospitals, mainly because of higher charges for ancillary services; there were no significant differences between the two groups of hospitals in regard to patient-care costs per case (adjusted for case mix), but the investor-owned hospitals had significantly higher administrative overhead costs; investor-owned hospitals were more profitable; investor-owned hospitals had fewer employees per occupied bed but paid more per employee; investor-owned hospitals had funded more of their capital through debt and had significantly higher capital costs in proportion to their operating costs; and the two groups did not differ in patient mix, as measured by their Medicare case-mix indexes or the proportions of their patients covered by Medicare or Medicaid. We conclude that investor-owned chain hospitals generated higher profits through more aggressive pricing practices rather than operating efficiencies - a result not unexpected in view of past cost-based reimbursement policies. Recent changes in these policies are creating new pressures for cost control and moderation in charges, to which both types of hospitals must adapt. Neither type has a clear-cut advantage in the ability to make the necessary changes.

How value-glamour investors use financial information: UK evidence of investor's confirmation bias

OpenAIRE

Doung, C.; Pescetto, G.; Santamaria, D.

2014-01-01

The paper investigates investor’s behaviour in the context of value–glamour investing and fundamental analysis, and provides a direct test of the confirmation bias by bringing together the evidence from several strands of literature into a well-defined framework of investor behaviour. The empirical evidence presented is in line with a model of\\ud investor’s asymmetric reaction to good and bad news due to confirmation bias. Pessimistic value investors typically under-react to good financial in...

The evolving cobweb of relations among partially rational investors

Science.gov (United States)

DiMeglio, Anna; Garofalo, Franco; Lo Iudice, Francesco

2017-01-01

To overcome the limitations of neoclassical economics, researchers have leveraged tools of statistical physics to build novel theories. The idea was to elucidate the macroscopic features of financial markets from the interaction of its microscopic constituents, the investors. In this framework, the model of the financial agents has been kept separate from that of their interaction. Here, instead, we explore the possibility of letting the interaction topology emerge from the model of the agents’ behavior. Then, we investigate how the emerging cobweb of relationship affects the overall market dynamics. To this aim, we leverage tools from complex systems analysis and nonlinear dynamics, and model the network of mutual influence as the output of a dynamical system describing the edge evolution. In this work, the driver of the link evolution is the relative reputation between possibly coupled agents. The reputation is built differently depending on the extent of rationality of the investors. The continuous edge activation or deactivation induces the emergence of leaders and of peculiar network structures, typical of real influence networks. The subsequent impact on the market dynamics is investigated through extensive numerical simulations in selected scenarios populated by partially rational investors. PMID:28196144

Fractal markets: Liquidity and investors on different time horizons

Science.gov (United States)

Li, Da-Ye; Nishimura, Yusaku; Men, Ming

2014-08-01

In this paper, we propose a new agent-based model to study the source of liquidity and the “emergent” phenomenon in financial market with fractal structure. The model rests on fractal market hypothesis and agents with different time horizons of investments. What is interesting is that though the agent-based model reveals that the interaction between these heterogeneous agents affects the stability and liquidity of the financial market the real world market lacks detailed data to bring it to light since it is difficult to identify and distinguish the investors with different time horizons in the empirical approach. results show that in a relatively short period of time fractal market provides liquidity from investors with different horizons and the market gains stability when the market structure changes from uniformity to diversification. In the real world the fractal structure with the finite of horizons can only stabilize the market within limits. With the finite maximum horizons, the greater diversity of the investors and the fractal structure will not necessarily bring more stability to the market which might come with greater fluctuation in large time scale.

The minimum price required by investors in IPOs

Directory of Open Access Journals (Sweden)

Ahmed Jeribi

2015-01-01

Full Text Available With regard to purchasing Tunisian IPOs shares, the current paper aims at considering two types of investors: a non-institutional investor and an institutional one. Each is concerned with placing a purchase order at the offer price during the subscription period. In line with the literature on IPOs, we attempted to determine the minimum price required by an investor allowing for recovering the initial investment, information costs, transaction costs, and the offsetting of shortfall. We expect that the initial return of an IPO share in the Tunisian market is positively related to the following factors: the number of non-institutional investors participating during the subscription period, the subscription ratio of institutional investors, the expected rate of return by investors, the gap between the closing date of the subscription period and the day following the announcement of the subscription result, the gap between the announcement of the subscription result and the first listing day, the number of trading days, the cost of information and the transaction costs. However, it is negatively related to other determinants, such as the discount level, the number of shares allocated for a non-institutional investor and the number of offered shares, which are allocated to non-institutional investors.

Essays on the social dimensions of investor behavior

OpenAIRE

Hoffmann, Arvid Oskar Ivar

2007-01-01

Traditional finance theories assume that investors only evaluate risk and expected returns when making investment decisions. More recent behavioral finance theories, however, argue that for many investors there is more to investing than only evaluating risk and returns. Examples hereof are investors who only invest in domestic companies or companies that operate in a social responsible way. This thesis examines the (personal) needs and behavior of individual investors in The Netherlands and c...

77 FR 56242 - Dodd-Frank Investor Advisory Committee

Science.gov (United States)

2012-09-12

... Investor Advisory Committee AGENCY: Securities and Exchange Commission. ACTION: Notice of Meeting of Securities and Exchange Commission Dodd- Frank Investor Advisory Committee. SUMMARY: The Securities and Exchange Commission Investor Advisory Committee, established pursuant to Section 911 of the Dodd-Frank Wall...

78 FR 43254 - Dodd-Frank Investor Advisory Committee

Science.gov (United States)

2013-07-19

... Investor Advisory Committee AGENCY: Securities and Exchange Commission. ACTION: Notice of Meeting of Securities and Exchange Commission Dodd- Frank Investor Advisory Committee. SUMMARY: The Securities and Exchange Commission Investor Advisory Committee, established pursuant to Section 911 of the Dodd-Frank Wall...

78 FR 20156 - Dodd-Frank Investor Advisory Committee

Science.gov (United States)

2013-04-03

... Investor Advisory Committee AGENCY: Securities and Exchange Commission. ACTION: Notice of Meeting of Securities and Exchange Commission Dodd- Frank Investor Advisory Committee. SUMMARY: The Securities and Exchange Commission Investor Advisory Committee, established pursuant to Section 911 of the Dodd-Frank Wall...

78 FR 2706 - Dodd-Frank Investor Advisory Committee

Science.gov (United States)

2013-01-14

... Investor Advisory Committee AGENCY: Securities and Exchange Commission. ACTION: Notice of Meeting of Securities and Exchange Commission Dodd- Frank Investor Advisory Committee. SUMMARY: The Securities and Exchange Commission Investor Advisory Committee, established pursuant to Section 911 of the Dodd-Frank Wall...

Investor structure and the price-volume relationship in a continuous double auction market: An agent-based modeling perspective

Science.gov (United States)

Zhang, Wei; Bi, Zhengzheng; Shen, Dehua

2017-02-01

This paper investigates the impact of investor structure on the price-volume relationship by simulating a continuous double auction market. Connected with the underlying mechanisms of the price-volume relationship, i.e., the Mixture of Distribution Hypothesis (MDH) and the Sequential Information Arrival Hypothesis (SIAH), the simulation results show that: (1) there exists a strong lead-lag relationship between the return volatility and trading volume when the number of informed investors is close to the number of uninformed investors in the market; (2) as more and more informed investors entering the market, the lead-lag relationship becomes weaker and weaker, while the contemporaneous relationship between the return volatility and trading volume becomes more prominent; (3) when the informed investors are in absolute majority, the market can achieve the new equilibrium immediately. Therefore, we can conclude that the investor structure is a key factor in affecting the price-volume relationship.

77 FR 29705 - Dodd-Frank Investor Advisory Committee

Science.gov (United States)

2012-05-18

... Investor Advisory Committee AGENCY: Securities and Exchange Commission. ACTION: Notice of First Meeting of Securities and Exchange Commission Dodd-Frank Investor Advisory Committee. SUMMARY: The Securities and Exchange Commission Investor Advisory Committee, established pursuant to Section 911 of the Dodd-Frank Wall...

Essays on the social dimensions of investor behavior

NARCIS (Netherlands)

Hoffmann, Arvid Oskar Ivar

2007-01-01

Traditional finance theories assume that investors only evaluate risk and expected returns when making investment decisions. More recent behavioral finance theories, however, argue that for many investors there is more to investing than only evaluating risk and returns. Examples hereof are investors

A Conceptual Model of Investor Behavior

NARCIS (Netherlands)

M. Lovric (Milan); U. Kaymak (Uzay); J. Spronk (Jaap)

2008-01-01

textabstractBased on a survey of behavioral finance literature, this paper presents a descriptive model of individual investor behavior in which investment decisions are seen as an iterative process of interactions between the investor and the investment environment. This investment process is

The Asymmetric Effects of Investor Sentiment

DEFF Research Database (Denmark)

Lutz, Chandler

investors only act as corrective force during certain time periods. We also show that our index predicts implied volatility, media pessimism, and mutual fund flows. Overall, our findings are consistent with both the theories and anecdotal accounts of investor sentiment in the stock market....

The effects of systemic crises when investors can be crisis ignorant

NARCIS (Netherlands)

H.J.W.G. Kole (Erik); C.G. Koedijk (Kees); M.J.C.M. Verbeek (Marno)

2004-01-01

textabstractSystemic crises can largely affect asset allocations due to the rapid deterioration of the risk-return trade-off. We investigate the effects of systemic crises, interpreted as global simultaneous shocks to financial markets, by introducing an investor adopting a crisis ignorant or crisis

Relevant factors to consider prior to an investor-owned acquisition of a nonprofit healthcare entity.

Science.gov (United States)

Ault, Kelvin; Childs, Brad; Wainright, Charles F; Young, Marilyn

2011-01-01

The purpose of this article is to explore the factors that affect the negotiations for an acquisition of a nonprofit system by an investor-owned entity. The recent economic downturn, accompanying credit crisis, and healthcare reform legislation will likely encourage and accelerate the pace of merger and acquisition (M&A) transactions between investor-owned entities and nonprofit hospitals. As many nonprofits are smaller, more financially vulnerable, and more limited in their access to capital than their investor-owned counterparts, nonprofits could be prime targets for investor-owned acquirers during the healthcare reform implementation period. In M&A transactions of this type, the investor-owned acquirer typically is motivated to pursue an acquisition when the deal promises an acceptable return on investment and decreased operating costs from economies of scale. Alternatively, the nonprofit target is typically seeking funding for upgrades to facilities and information technology systems as well as a continued commitment to charity care and managed-care contracting leverage. A successful acquisition of a nonprofit hospital by an investor-owned company requires a careful analysis of relevant tax, economic, and strategic factors prior to closing the deal. This article lists the most significant factors to consider in these deals and explains how these factors should influence the purchase price and postacquisition cash flow.

Modeling investor optimism with fuzzy connectives

NARCIS (Netherlands)

Lovric, M.; Almeida, R.J.; Kaymak, U.; Spronk, J.; Carvalho, J.P.; Dubois, D.; Kaymak, U.; Sousa, J.M.C.

2009-01-01

Optimism or pessimism of investors is one of the important characteristics that determine the investment behavior in financial markets. In this paper, we propose a model of investor optimism based on a fuzzy connective. The advantage of the proposed approach is that the influence of different levels

investors behavior, earnings management and governance

Directory of Open Access Journals (Sweden)

Afraa Khzouri

2014-07-01

Full Text Available The aim of this paper is to study the relationship between earnings management, governance and investors behavior, since this latter can inform about the nature of earnings management and can be considered as a governance mechanism to reduce accounts manipulations. On the basis of a sample of 700 American firms for the period of 1996-2006, our empirical results show that investors who take short positions, are able to interpret the information detected from the earnings management. The activity of these investors may be considered as an indicator of the quality of the governance structure and the presence and nature of earnings management. The under-reaction of investors to information leads to short-term sale of the shares of poorly governed firms and characterized by an opportunistic earnings management and to invest in firms well-governed and characterized by an informational earnings management therefore an abnormal profit can be realized.

Price Manipulation in Indonesian Capital Market: Empirical Analysis on Stockbroker’s Behavior and Interaction Pattern between Domestic Investors and Foreign Investors

Directory of Open Access Journals (Sweden)

Buddi Wibowo

2014-08-01

Full Text Available Price manipulation in stock market transaction is an important issue when developing investor  conidence  and  market  integrity  is  a  priority.  Price  manipulation  is  prevalent  in emerging  markets,  which  still  have  institutional  problems  and  lack  regulations.  A  stock market  as  a  mutual  company  has  an  institutional  problem  when  a  stock  broker  instead  of being an intermediary, behaves like a dealer and a principal for some stocks. A stock broker has strong incentives to give a signal to public investors about price of some stocks in order to get an unfair proit. A usual pattern of manipulation done by stock broker is a pump and dump manipulation. Artiicial price increase was made by manipulators through buying and selling activities among themselves until tend chaser and naive investors jump to this game. When stock price is at the highest level, manipulators start selling their stock. This research measured  and  identiied  behavior  pattern  of  stock  brokers  in  Indonesian  Stock  Market, concerning  their  contribution  to  price  manipulation    existence.    Because  of  the  important  role  played by foreign investors in Indonesian stock market, this research would also identify interaction  pattern  between  foreign  and  domestic  investors.  Empirical  researches  showed that  foreign investors  were underperformed domestic investors in Indonesian stock market (Dvorak, 2005, and Agarwal et al. 2009. In spite of their superior experience and inancial support  compared  to  domestic  investosr,  foreign  investors  got  lower  return  on  average. Agarwal  et  al.  (2009  showed  this  phenomenon  occured  because  foreign  investors  were more aggressive than domestic investors. Dvorak (2005 argued that domestic investors had more  access  and  network  to  collect  short  run �

Attracting Investor Attention through Advertising

OpenAIRE

Dong Lou

2014-01-01

This paper provides empirical evidence that managers adjust firm advertising expenditures to influence investor behavior and short-term stock prices. First, this paper shows that increased advertising spending is associated with individual investor buying and a contemporaneous rise in abnormal stock returns, which is then reversed in subsequent years. Second, there is a significant rise in firm advertising expenditures prior to insider sales and seasoned equity offerings. This large increase ...

31 CFR 203.16 - Retainer and investor depositaries.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Retainer and investor depositaries... TREASURY TAX AND LOAN PROGRAM PATAX § 203.16 Retainer and investor depositaries. (a) Credit to TIP main account balance. On the business day that the TSC receives an AOC from a retainer or investor depositary...

Multifractals of investor behavior in stock market

Science.gov (United States)

Oh, Gabjin

2017-07-01

In this paper, we analyze the nonlinear properties of investor activity using the multifractal detrended fluctuation analysis (MF-DFA) method. Using the aggregated trading volumes of buying, selling, and normalized net investor trading (NIT) to quantify the characteristics of trader behavior in the KOSPI market, we find that the cumulative distribution functions of all NIT time series, except for individual traders, follow a power-law distribution with an exponent in the range of 2.92 ≤ γ ≤ 3.87. To observe the nonlinear features of investor activity, we also calculate the multifractal spectra for the buyer, seller, and NIT data sets and find that a multifractal structure exists in all of the data, regardless of the investor type studied.

Portfolio optimization retail investor

Directory of Open Access Journals (Sweden)

I. А. Kiseleva

2016-01-01

Full Text Available The article notes that the task of the investor's risk management is to, on the one hand, as much as possible to strive to achieve the criterion of risk level, and on the other hand, in any case not exceed it. Since the domestic theory of risk management is under development, the problem of the optimal ratio of "risk-income" becomes now of particular relevance. This article discusses the different distribution areas of the private investor in order to obtain the maximum profit. The analysis showed us the overall economic and political system of the country, as well as the legislative provision of guarantees to the investor. To obtain sufficient income and reduce losses it is important to maintain the optimum value found between the amount of the investor's risk and capital transactions. Model of optimal placement of funds led to the conclusion about inexpediency strong increase in the diversification of the investment portfolio (more than 10 different types of assets in the portfolio, since it increases the complexity of its practical form, while the portfolio characteristics are improved significantly. It is concluded that it is impossible to increase revenue without increasing the risk or reduce risk without reducing income. The analysis shows that there is no single best asset portfolio. It is impossible to increase revenue without increasing the risk or reduce risk without reducing income. Possible combination of the "riskincome" will depend on the objective function. Most diversified and bringing the best return per unit of risk, is a portfolio that contains the most risky assets.

The Asymmetric Effects of Investor Sentiment

DEFF Research Database (Denmark)

Lutz, Chandler

2016-01-01

We use the returns on lottery-like stocks and a dynamic factor model to construct a novel index of investor sentiment. This new measure is highly correlated with other behavioral indicators, but more closely tracks speculative episodes. Our main new finding is that the effects of sentiment...... are asymmetric: During peak-to-trough periods of investor sentiment (sentiment contractions), high sentiment predicts low future returns for the cross section of speculative stocks and for the market overall, whereas the relationship between sentiment and future returns is positive but relatively weak during...... trough-to-peak episodes (sentiment expansions). Overall, these results match theories and anecdotal accounts of investor sentiment....

The effect of differentiated margin on futures market investors' behavior and structure An experimental research

Institute of Scientific and Technical Information of China (English)

Jin-hui Luo; Di-fang Wan; Yang Yang; Guang Yang

2011-01-01

Purpose-The purpose of this paper is to empirically analyze the role of differentiated margin system in leading investors' investing behavior and then optimize investor structure in futures markets.Design/methodology/approach-Using economic experimental research method,this paper designs and conducts a futures market experiment according to experimental research's basic norms,thus acquiring needed and credible empirical data.Findings-By analyzing the experimental data,it is found that compared with situations in futures markets that implement uniform margin system,investors' (especially speculators') futures open position and the ratio of their open position and futures turnover are both significantly higher,in futures markets that implement differentiated margin system.On the other hand,differentiated margin system has no effects on hedgers' futures turnover,but significantly reduces speculators' futures turnover.Research limitations/implications-The findings suggest that compared with uniform margin system,differentiated margin system is beneficial to effectively restrict both speculators' and hedgers' speculating behavior and lead hedgers' market participation.Practical implications-In order to resolve the problem of unreasonable investor structure in China's futures market,i.e.lack of hedgers and over-speculating China's futures market's regulators should reform the margin system and adopt differentiated margin system to lead investors' rational behavior and optimize investor structure.Originality/value-This paper empirically analyzes and verifies,for the first time,the roles of differentiated margin system in affecting investors' investing behavior.The futures market experiment designed and used in this study is a pioneering and exploratory experiment.

Faktor Demografis, Personality Traits, dan Overconfidence (Survey Terhadap Investor Saham di Yogyakarta

Directory of Open Access Journals (Sweden)

Liring Dwi Utami

2016-06-01

Full Text Available AbstrakPenelitian ini bertujuan untuk mengetahui hubungan antara faktor demografi, personality traits dan overconfidence pada Investor saham di Yogyakarta. Faktor demografis yang digunakan berupa jenis kelamin, usia, pendidikan dan lama investasi sedangkan personality traits menggunakan the big five personality. Penelitian ini menggunakan kuesioner yang disebar kepada 100 orang investor yang dipilih secara random. Sebanyak 87 kuesioner digunakan, sedangkan 13 lainnya didiskualifikasi karena jawaban kuesioner yang tidak lengkap. Data diolah menggunakan SPPS dengan alat ukur Chi Square dan Pearson Correlation. Hasil dari penelitian menemukan bahwa semua faktor demografi yaitu usia, jenis kelamin, pendidikan dan lama investasi tidak berhubungan dengan overconfidence. Hasil lain menunjukkan adanya hubungan yang positif antara conscientiousness dengan overconfidence. Sedangkan extraversion, agreeableness, neuroticism dan openness to experience tidak mempunyai hubungan dengan overconfidence.AbstractThis study aims to determine the relationship between demographic factors, personality traits, and overconfidence with stock investors in Yogyakarta. Demographic factors used are gender, age, education and time frame of holding, while the big five personality was used as a proxy of personality traits. This study used a questionnaire distributed to 100 randomly selected investors. A total of 87 questionnaires were used, while the other 13 were disqualified because of incomplete answers to the questionnaire. The data were processed using chi square and Pearson correlation. The results of the study found that all the demographic factors (age, gender, education and time frame holding had no association with overconfidence. Other results showed a positive relationship between conscientiousness with overconfidence. Whereas extraversion, agreeableness, neuroticism and openness to experience were not related to overconfidence.

Mood and the market: can press reports of investors' mood predict stock prices?

Science.gov (United States)

Cohen-Charash, Yochi; Scherbaum, Charles A; Kammeyer-Mueller, John D; Staw, Barry M

2013-01-01

We examined whether press reports on the collective mood of investors can predict changes in stock prices. We collected data on the use of emotion words in newspaper reports on traders' affect, coded these emotion words according to their location on an affective circumplex in terms of pleasantness and activation level, and created indices of collective mood for each trading day. Then, by using time series analyses, we examined whether these mood indices, depicting investors' emotion on a given trading day, could predict the next day's opening price of the stock market. The strongest findings showed that activated pleasant mood predicted increases in NASDAQ prices, while activated unpleasant mood predicted decreases in NASDAQ prices. We conclude that both valence and activation levels of collective mood are important in predicting trend continuation in stock prices.

Faktor-Faktor yang Mempengaruhi Investor Individu dalam Pengambilan Keputusan Investasi Sekuritas di Bursa Efek Indonesia (BEI)

OpenAIRE

Septyanto, Dihin

2013-01-01

The goal is to examine and obtain empirical evidence about the factors that affect the behavior of investors in securities investment decision in the Indonesia Stock Exchange using the benefits of financial information (information usefulness ). This study uses causality - explanatory . The study subjects were selected existing individual investors in the Indonesia Stock Exchange 135 respondents . This selection is determined to find out the benefits of financial information in investment , s...

78 FR 68887 - Dodd-Frank Investor Advisory Committee; Meeting

Science.gov (United States)

2013-11-15

... Investor Advisory Committee; Meeting AGENCY: Securities and Exchange Commission. ACTION: Notice of Meeting of Securities and Exchange Commission Dodd- Frank Investor Advisory Committee. SUMMARY: The Securities and Exchange Commission Investor Advisory Committee, established pursuant to Section 911 of the...

Investors flock to Venezuelan bidding rounds

International Nuclear Information System (INIS)

Kielmas, M.

1997-01-01

The Venezuelan government has disproved the long-cherished oil industry mantra that low tax rates attract private sector investors. At a time when most company managements feel they need to collect balance sheet assets at any price. Venezuela is ensuring that it remains the upmarket not the bargain basement investor target. Despite offering some of the most punitive and complicated fiscal terms worldwide, a near certainty that taxes will rise in the future and state oil company control of the join ventures' operating committees, oil investors of all sizes cannot keep away. The third marginal field reactivation round, launched late last year attracted a staggering 259 companies, both foreign and local, which prequalified to bid. (Author)

Financial Advice and Individual Investor Portfolio Performance

NARCIS (Netherlands)

Kramer, M.M.

2012-01-01

This paper investigates whether financial advisers add value to individual investors portfolio decisions by comparing portfolios of advised and self-directed (execution-only) Dutch individual investors. The results indicate significant differences in characteristics and portfolios between these

Are Foreign Institutional Investors Good for Emerging Markets?

OpenAIRE

Frenkel, Michael; Menkhoff, Lukas

2003-01-01

Portfolio flows channeled via institutional investors were the most dynamic capital flows to emerging markets in the 1990s. We use an asymmetric information framework to derive five propositions, to integrate empirical evidence and to suggest policy implications. Opaque information in emerging markets hinders foreign market entrants. Moreover, following financial opening, institutional investors can worsen the position of local investors due to unintentionally creating unbalanced diversificat...

Financial statistics of major U.S. investor-owned electric utilities 1996

Energy Technology Data Exchange (ETDEWEB)

NONE

1997-12-01

The Financial Statistics of Major US Investor-Owned Electric Utilities publication presents summary and detailed financial accounting data on the investor-owned electric utilities. The objective of the publication is to provide Federal and State governments, industry, and the general public with current and historical data that can be used for making policy and decisions relating to investor-owned electric utility issues. The US electric power industry is a combination of electric utilities (investor-owned, publicly owned, Federal, and cooperatives) and nonutility power producers. Investor-owned electric utilities account for over three-fourths of electric sales and revenue. Historically, the investor-owned electric utilities have served the large consolidated markets. There is substantial diversity among the investor-owned electric utilities in terms of services, size, fuel usage, and prices charged. Most investor-owned electric utilities generate, transmit, and distribute electric power. Investor-owned electric utilities operate in all States except Nebraska; Hawaii is the only State in which all electricity is supplied by investor-owned electric utilities. 5 figs., 57 tabs.

Conditional Betas and Investor Uncertainty

OpenAIRE

Fernando D. Chague

2013-01-01

We derive theoretical expressions for market betas from a rational expectation equilibrium model where the representative investor does not observe if the economy is in a recession or an expansion. Market betas in this economy are time-varying and related to investor uncertainty about the state of the economy. The dynamics of betas will also vary across assets according to the assets' cash-flow structure. In a calibration exercise, we show that value and growth firms have cash-flow structures...

The dynamics of stock price and determination of investor's cash ...

African Journals Online (AJOL)

Our aim is to also determine investor's cash flows valuation generated from the investment. The investor invested her short position into N number of investment firms. The firms in turn invest the short position of the investor into the stock and bond markets in order to hedge out the risks associated with the investor's portfolio.

THE IMPACT OF RELIGIOUSITY TO PREFERENCES OF MUSLIM ‘S INVESTOR IN CAPITAL MARKET

Directory of Open Access Journals (Sweden)

Rinda Asytuti

2017-02-01

Full Text Available The current study aims at knowing know how far a religiosity affects a person’s behavior in the capital market. This qualitative research uses the religiosity theory constructed by Glork and Start . These results from the interview to 3 investors as the subjects of the research shows that the religiosity of Muslim investors in Pekalongan is not automatically guarantee their invesment behaviors. This research support the previous research conclusion that religiousity not automaticaly conducted muslim investment behavior in banking and finance. On the other hand there are some research have different conclusion.

Profit sharing between managers and investors: An experimental investigation

Directory of Open Access Journals (Sweden)

Belma Ozturkkal

2015-06-01

Full Text Available This study analyzes the effect of interest and power structures and conflict of interest among managers and investors and tests the effect of different payout mechanisms on willingness to pay. In this study 74 student subjects are involved in a setting where the manager is determining his own compensation. A series of experiments that vary managers' ability to determine their own compensation and investors' ability to punish inappropriate behavior are reported. The experiments involve pairs of subjects consisting of an investor and a manager with asymmetric decision making powers. When managers compensate themselves inappropriately, investors' recourse is to shun the company's shares—a model that arguably corresponds more closely to reality than the accepted efficient market traditional paradigm. The experiment shows that managers share profits even when investors cannot withhold investment and investors fairly compensate managers as well. This pattern explains both the ability of capital markets to function despite the presence of inherent moral hazard, and occasional managerial misbehavior.

Stock portfolio structure of individual investors infers future trading behavior.

Science.gov (United States)

Bohlin, Ludvig; Rosvall, Martin

2014-01-01

Although the understanding of and motivation behind individual trading behavior is an important puzzle in finance, little is known about the connection between an investor's portfolio structure and her trading behavior in practice. In this paper, we investigate the relation between what stocks investors hold, and what stocks they buy, and show that investors with similar portfolio structures to a great extent trade in a similar way. With data from the central register of shareholdings in Sweden, we model the market in a similarity network, by considering investors as nodes, connected with links representing portfolio similarity. From the network, we find investor groups that not only identify different investment strategies, but also represent individual investors trading in a similar way. These findings suggest that the stock portfolios of investors hold meaningful information, which could be used to earn a better understanding of stock market dynamics.

Stock portfolio structure of individual investors infers future trading behavior.

Directory of Open Access Journals (Sweden)

Ludvig Bohlin

Full Text Available Although the understanding of and motivation behind individual trading behavior is an important puzzle in finance, little is known about the connection between an investor's portfolio structure and her trading behavior in practice. In this paper, we investigate the relation between what stocks investors hold, and what stocks they buy, and show that investors with similar portfolio structures to a great extent trade in a similar way. With data from the central register of shareholdings in Sweden, we model the market in a similarity network, by considering investors as nodes, connected with links representing portfolio similarity. From the network, we find investor groups that not only identify different investment strategies, but also represent individual investors trading in a similar way. These findings suggest that the stock portfolios of investors hold meaningful information, which could be used to earn a better understanding of stock market dynamics.

Stock Portfolio Structure of Individual Investors Infers Future Trading Behavior

Science.gov (United States)

Bohlin, Ludvig; Rosvall, Martin

2014-01-01

Although the understanding of and motivation behind individual trading behavior is an important puzzle in finance, little is known about the connection between an investor's portfolio structure and her trading behavior in practice. In this paper, we investigate the relation between what stocks investors hold, and what stocks they buy, and show that investors with similar portfolio structures to a great extent trade in a similar way. With data from the central register of shareholdings in Sweden, we model the market in a similarity network, by considering investors as nodes, connected with links representing portfolio similarity. From the network, we find investor groups that not only identify different investment strategies, but also represent individual investors trading in a similar way. These findings suggest that the stock portfolios of investors hold meaningful information, which could be used to earn a better understanding of stock market dynamics. PMID:25068302

Institutional investors: arbitrageurs or rational trend\\ud chasers?

OpenAIRE

Zeng, Yeqin

2016-01-01

This paper studies the relationship between institutional investor holdings and stock misvaluation in the U.S. between 1980 and 2010. I find that institutional investors overweigh overvalued and underweigh undervalued stocks in their portfolio, taking the market portfolio as a benchmark. Cross-sectionally, institutional investors hold more overvalued stocks than undervalued stocks. The time-series studies also show that institutional ownership of overvalued portfolios increases as the portfol...

Obfuscation, Learning, and the Evolution of Investor Sophistication

OpenAIRE

Bruce Ian Carlin; Gustavo Manso

2011-01-01

Investor sophistication has lagged behind the growing complexity of retail financial markets. To explore this, we develop a dynamic model to study the interaction between obfuscation and investor sophistication in mutual fund markets. Taking into account different learning mechanisms within the investor population, we characterize the optimal timing of obfuscation for financial institutions who offer retail products. We show that educational initiatives that are directed to facilitate learnin...

Mood and the Market: Can Press Reports of Investors' Mood Predict Stock Prices?

Science.gov (United States)

Scherbaum, Charles A.; Kammeyer-Mueller, John D.

2013-01-01

We examined whether press reports on the collective mood of investors can predict changes in stock prices. We collected data on the use of emotion words in newspaper reports on traders' affect, coded these emotion words according to their location on an affective circumplex in terms of pleasantness and activation level, and created indices of collective mood for each trading day. Then, by using time series analyses, we examined whether these mood indices, depicting investors' emotion on a given trading day, could predict the next day's opening price of the stock market. The strongest findings showed that activated pleasant mood predicted increases in NASDAQ prices, while activated unpleasant mood predicted decreases in NASDAQ prices. We conclude that both valence and activation levels of collective mood are important in predicting trend continuation in stock prices. PMID:24015202

The Asymmetric Predictive Effects of Investor Sentiment

DEFF Research Database (Denmark)

Lutz, Chandler

investors only act as corrective force during certain time periods. We also show that our index predicts implied volatility, media pessimism, and mutual fund flows. Overall, our findings are consistent with both the theories and anecdotal accounts of investor sentiment in the stock market....

The investor access to the presented financial reports

OpenAIRE

Mejzlik, Ladislav; Durianova, Gabriela; Velechovska, Lenka

2011-01-01

The paper deals with the investor and potential investor access to the presented financial information of the companies. The accesibility and reliatbility of the financial information is one of the essential aspects of investor decision making. The text treats with the possibilities of presenting financial statements with focus on the internet as suitable place which is used very often nowadays. Timeliness and the form of the financial report submitting is harmonized in t...

KEBUTUHAN INVESTOR TERHADAP INFORMASI KINERJA PEMERINTAH DAERAH KABUPATEN BANYUMAS DALAM PENGAMBILAN KEPUTUSAN INVESTASI

Directory of Open Access Journals (Sweden)

Oman Rusmana

2017-04-01

Full Text Available This study is a research used mixed methods that focused to combine two approaches, quantitative and qualitative on user of Local Government Finance Report (LKPD in Banyumas Regency. The purpose of this study were determine the needs of investors, investor information that used in LKPD, relationship between respondents and their description of reading LKPD, suitability of infrastructure information in LKPD to user needs, and the factors that affect the infrastructure reporting in LKPD. Based of research and data analysis using Chi Square test (Fisher's Exact, descriptive statistics methods and qualitative analysis show that: (1 The need for investors to invest in Banyumas is a good investment climate, (2 The information used by investors in the LKPD Banyumas in making investment decisions are government policy, evaluation of services, information infrastructure, and information regarding the BPK audit opinion LKPD, (3 There is a relationship between readers / non-readers LKPD and the category of respondents, (4 There is a relationship between respondents by reason of reading LKPD, (5 There is the relationship between the importance of infrastructure information and respondents of readers LKPD, (6 There was no relationship between the time required to read LKPD and the importance of information infrastructure, (7 Disclosure aspects of financial infrastructure in the LKPD Banyumas Regency is not appropriate with the needs of users, (8 Disclosure aspects of non-financial infrastructure in Banyumas LKPD is not fully appropriate with the needs of users (9 Factors that affecting disclosure of infrastructure in LKPD of Banyumas Regency are: council recommendation, Government Accounting Standards, recommendation of Badan Pemeriksa Keuangan and local government policy

Outsourcing by Real Estate investors: chances for real estate managers?

NARCIS (Netherlands)

Janssen, I.I.; Smits, M.

2008-01-01

In the Netherlands outsourcing real estate management by institutional investors is not generally accepted. Since real estate investment became common use by institutional investors about 1960, investors started their own real estate management departments. Only property management regarding daily

The Institutional Investors and Corporate Governance

Directory of Open Access Journals (Sweden)

Niculae Feleaga

2006-12-01

Full Text Available The years between 1990-2000 represented the rising power period for the institutional investors, especially within the developed countries. In the Anglo-Saxon environment, such a growth significantly modified the structure of companies’ shareholder frameworks. The development and the institutionalization of the stock exchange market determined the companies’ bonds to be more concentrated within the hands of the financial institutions, which have a superior economic expertise, rather than do the natural persons when saving. In order to diminish the informational lack of symmetry, between the company’s leaders and its shareholders, and for influencing the leaders in managing the enterprise – with the purpose of maximizing value – some institutional investors tried to implement an external control system. Therefore, they formulated new corporate governance procedures. The development of the institutional investors is part of a reform movement targeted towards the macro-financial environment. That is why, two important elements deserve to be mentioned: the households’ financial patrimonies and the structure of the financing frameworks. The institutional investors are essentially the mutual funds, the insurance companies and the pension funds, and therefore they manage considerable amounts of capital (in thousands of billions of dollars within the assembly of OCDE countries.

The Institutional Investors and Corporate Governance

Directory of Open Access Journals (Sweden)

Niculae Feleaga

2006-10-01

Full Text Available The years between 1990-2000 represented the rising power period for the institutional investors, especially within the developed countries. In the Anglo-Saxon environment, such a growth significantly modified the structure of companies’ shareholder frameworks. The development and the institutionalization of the stock exchange market determined the companies’ bonds to be more concentrated within the hands of the financial institutions, which have a superior economic expertise, rather than do the natural persons when saving. In order to diminish the informational lack of symmetry, between the company’s leaders and its shareholders, and for influencing the leaders in managing the enterprise – with the purpose of maximizing value – some institutional investors tried to implement an external control system. Therefore, they formulated new corporate governance procedures. The development of the institutional investors is part of a reform movement targeted towards the macro-financial environment. That is why, two important elements deserve to be mentioned: the households’ financial patrimonies and the structure of the financing frameworks. The institutional investors are essentially the mutual funds, the insurance companies and the pension funds, and therefore they manage considerable amounts of capital (in thousands of billions of dollars within the assembly of OCDE countries.

Experienced and Novice Investors

DEFF Research Database (Denmark)

Holm, Claus; Rikhardsson, Pall M.

This paper examines the effect of environmental information on the investment decisions of investors. The motivation for the experimental design applied in this study is that unless actual decision making is observed, the potential usefulness of environmental information (or lack thereof) cannot...... be taken for granted. The study is based on an experiment where groups of investors (varied by experience) were asked to make investment allocation decisions based on financial information and on supplementary environmental information (varied between cases). As an investment allocation decision (varied...... by investment horizons) the groups were asked to allocate funds to two companies based on the available information. The findings suggest that environmental information has the potential to influence investment allocation decisions. The findings also suggest that the influence of environmental information...

12 CFR 630.40 - Contents of the quarterly report to investors.

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Contents of the quarterly report to investors... INVESTORS IN SYSTEMWIDE AND CONSOLIDATED BANK DEBT OBLIGATIONS OF THE FARM CREDIT SYSTEM Quarterly Reports to Investors § 630.40 Contents of the quarterly report to investors. (a) General. The quarterly...

Financial statistics of major investor-owned electric utilities, 1991

International Nuclear Information System (INIS)

1993-01-01

The Financial Statistics of major Investor-Owned Electric Utilities publication presents summary and detailed financial accounting data on the investor-owned electric utilities. The objective of the publication is to provide Federal and State governments, industry, and the general public with current and historical data that can be used for policymaking and decisionmaking purposes related to investor-owned electric utility issues

Financial statistics of selected investor-owned electric utilities, 1989

Energy Technology Data Exchange (ETDEWEB)

1991-01-01

The Financial Statistics of Selected Investor-Owned Electric Utilities publication presents summary and detailed financial accounting data on the investor-owned electric utilities. The objective of the publication is to provide the Federal and State governments, industry, and the general public with current and historical data that can be used for policymaking and decisionmaking purposes related to investor-owned electric utility issues.

Looking beyond credit ratings : Factors investors consider In pricing European asset-backed securities

NARCIS (Netherlands)

Fabozzi, F.; Vink, D.

2012-01-01

In this paper, we empirically investigate what credit factors investors rely upon when pricing the spread at issue for European asset-backed securities. More specifically, we investigate how credit factors affect new issuance spreads after taking into account credit rating. We do so by investigating

Regret Aversion Bias dan Risk Tolerance Investor Muda Jakarta dan Surabaya

Directory of Open Access Journals (Sweden)

Yohnson Yohnson

2008-01-01

Full Text Available Investment decision behavior is an interesting topic in finance research. Bailey and Kinerson’s (2005 research found that individual risk tolerance and experienced regret significantly influenced investment decisions. Anticipation of potential future regret did not predict subsequent investment decision behavior. Specifically, this research also wants to know the effects of a person’s experienced regret and anticipated regret or the effects of individual risk tolerance on investment decision behavior in Jakarta and Surabaya. Respondent of this research is 323 students from UK Petra who represent young investors from Surabaya and students from UPH who represent young investors from Jakarta. The method of research is experimental study and the design of research is 2x2x2 (between subject with experienced regret (time deposit and stock as first variable, anticipated regret (time deposit and stock as second variable and risk tolerance (high and low as third variable This study finds that an individual risk tolerance significantly influences decisions. Regret aversion bias does not influence young investors in Indonesia. (We assume that it is because the character of Indonesian investors is different from foreign investors. The couse of this is supposedly the unique characteristics of Indonesian investors and the different view points between Indonesian investors and investors from other countries. Abstract in Bahasa Indonesia: Perilaku keputusan investasi sangat menarik untuk diteliti. Dalam penelitian Bailey dan Kinerson (2005 ditemukan risk tolerance dan experienced regret mempengaruhi keputusan investasi. Anticipated regret tidak dapat dipakai sebagai predictor perilaku keputusan investasi. Penelitian ini juga ingin mengetahui experienced regret, anticipated regret atau risk tolerance yang lebih mempengaruhi perilaku keputusan investasi di Jakarta dan Surabaya. Responden yang diteliti sebesar 323 mahasiswa berasal dari UK Petra yang mewakili

Pengaruh Tingkat Adopsi IFRS dan Proteksi Investor terhadap Persistensi Laba: Analisis Lintas Negara Emerging Markets

Directory of Open Access Journals (Sweden)

Ikrima Shobriati

2016-12-01

Full Text Available Abstract. The purpose of this study is to provide empirical evidence about the effect of IFRS adoption and investor protection on earnings persistence. Based on prior studies, there are some problems that existed in the accounting practices in emerging markets such as less an accountant who have good qualifications, incomplete accounting information or inaccuracy of time in preparing financial statements, the lack of accounting data that are used for internal management incentives, the lack of legislation, auditing standards and procedure of accounting standards and this issues will can affect the quality of accounting information that reported in financial statements. So this view initiate to investigate extensively about the effect of institutional factors on earnigs persistence.This study uses panel data with 12.903 firm-year observations in emerging markets evidence from 2011 to 2013. To measure IFRS adoption uses score based on three distinctions of the type from IFRS adoption in respective countries. And then for dependent variable in this study is earnings persistence. While for the investor protection uses strength of investor protection index proxy from World Bank.The findings imply that in the context of emerging markets, IFRS adoption is not associated with future earnings persistence. While a stronger investor protection in the country significantly correlated with greater earnings persistence. Keywords: IFRS adoption, investor protection, earnings persistence, emerging markets, properties of earnings

Inflation Hedging for Long-Term Investors

OpenAIRE

Shaun K. Roache; Alexander P. Attie

2009-01-01

Long-term investors face a common problem-how to maintain the purchasing power of their assets over time and achieve a level of real returns consistent with their investment objectives. While inflation-linked bonds and derivatives have been developed to hedge the effects of inflation, their limited supply and liquidity lead many investors to continue to rely on the indirect hedging properties of traditional asset classes. In this paper, we assess these properties over different time horizons,...

Do Convertible Bond Issuers Cater to Investor Demand?

NARCIS (Netherlands)

de Jong, Abe; Duca, Eric; Dutordoir, Marie

2013-01-01

We examine the impact of fluctuations in investor demand for convertible securities on convertible bond issue volumes, pricing, and design. We find evidence of a positive impact of investor demand proxies on convertible bond issue volumes. We also document significantly lower convertible bond

16 CFR 802.64 - Acquisitions of voting securities by certain institutional investors.

Science.gov (United States)

2010-01-01

... institutional investors. 802.64 Section 802.64 Commercial Practices FEDERAL TRADE COMMISSION RULES, REGULATIONS... § 802.64 Acquisitions of voting securities by certain institutional investors. (a) Institutional investor. For purposes of this section, the term institutional investor means any entity of the following...

Asset Allocation of Mutual Fund Investors

OpenAIRE

Dengpan Luo

2003-01-01

This paper studies mutual fund investors' asset allocation decisions using monthly flow data of U.S mutual fund industry from 1984 to 1998. We find that mutual fund investors change their asset allocations between stocks and bonds in reaction to business conditions tracked by changes in expected stock market returns. They tend to allocate less into stock funds during the trough of a business cycle when expected stock market returns are higher and to allocate more into stock funds during the p...

Legal Protection for Investor in Capital Market Stock Trading

OpenAIRE

Sofyan, Tito

2013-01-01

Protection for investor is the crucial issue because it has been found many evidence of the misuse of company's resources for extensive period. Moreover, there are also the case of stock lose, case in IPO, short selling, securities fraud, market manipulation, and insider trading. Stock market is abouttrust, if it lose, the market will collpase and it will affect the other sector, mainly economic sector. Undang-UndangNomor 8 Tahun 1995 tentangPasar Modal (UUPM) is one of the legal order to s...

Lacking Community Out-Reach of Chinese Mining Investors in the Arctic

DEFF Research Database (Denmark)

Zeuthen, Jesper Willaing

Lacking Community Out-Reach of Chinese Mining Investors in the Arctic Despite China’s bad reputation as a mining investor, in a context of dramatically falling mineral prices, Chinese investments seem to be needed in order to realize most new mining projects across the globe. In Greenland...... and Arctic Canada, potential Chinese investors have been met with even more suspicion than elsewhere. National governments are worried about what state owned Chinese investors will mean for their control over national resources while local governments and the public fear what Chinese investors will mean...... for labour conditions and local environment. They fear a lack of social corporate responsibility (CSR) from Chinese investors. This paper assumes that the possible interest in Arctic mineral resources by the Chinese state combined with a strong demand from Greenland and Canada would make the Arctic a most...

Quantifying the effect of investors' attention on stock market.

Directory of Open Access Journals (Sweden)

Zhen-Hua Yang

Full Text Available The investors' attention has been extensively used to predict the stock market. Different from existing proxies of the investors' attention, such as the Google trends, Baidu index (BI, we argue the collective attention from the stock trading platforms could reflect the investors' attention more closely. By calculated the increments of the attention volume for each stock (IAVS from the stock trading platforms, we investigate the effect of investors' attention measured by the IAVS on the movement of the stock market. The experimental results for Chinese Securities Index 100 (CSI100 show that the BI is significantly correlated with the returns of CSI100 at 1% significance level only in 2014. However, it should be emphasized that the correlation of the new proposed measure, namely IAVS, is significantly at 1% significance level in 2014 and 2015. It shows that the effect of the measure IAVS on the movement of the stock market is more stable and significant than BI. This study yields important invest implications and better understanding of collective investors' attention.

Quantifying the effect of investors' attention on stock market.

Science.gov (United States)

Yang, Zhen-Hua; Liu, Jian-Guo; Yu, Chang-Rui; Han, Jing-Ti

2017-01-01

The investors' attention has been extensively used to predict the stock market. Different from existing proxies of the investors' attention, such as the Google trends, Baidu index (BI), we argue the collective attention from the stock trading platforms could reflect the investors' attention more closely. By calculated the increments of the attention volume for each stock (IAVS) from the stock trading platforms, we investigate the effect of investors' attention measured by the IAVS on the movement of the stock market. The experimental results for Chinese Securities Index 100 (CSI100) show that the BI is significantly correlated with the returns of CSI100 at 1% significance level only in 2014. However, it should be emphasized that the correlation of the new proposed measure, namely IAVS, is significantly at 1% significance level in 2014 and 2015. It shows that the effect of the measure IAVS on the movement of the stock market is more stable and significant than BI. This study yields important invest implications and better understanding of collective investors' attention.

Research of the Stock Price Overreaction and Investor Overconfidence Issues

Directory of Open Access Journals (Sweden)

Bayu Raharja

2017-06-01

Full Text Available This research examines the existing of investor overconfidence in the capital market and the phenomena of stock prices reversal in the future due to the existing of this behavior. It has a different approach to test the existing of investor overconfidence by introducing firm’s growth as the information which has triggered many investors to behave overconfidently. By using multiple regression analysis, the results of this research confirmed our conducted hypothesis, investor tends to behave overconfident to firms which have higher growth. It proofed by the positive relation between firms’ growth and trading volume. Afterward, this research also found that higher growth firms tend to have declining on its performance in the future. The negative relation between firms’ growth and longterm performance means that the stock’s price reversal caused by the existing of investor overconfidence.

A Decision Support Tool For Thrift Savings Plan Investors

National Research Council Canada - National Science Library

Blanchette, Christopher

2004-01-01

.... These funds give investors the opportunity to diversify among a wide range of securities. This thesis examines the funds offered by the plan and creates a portfolio selection tool that uses investor inputs...

Financial statistics of major US investor-owned electric utilities 1994

Energy Technology Data Exchange (ETDEWEB)

NONE

1995-12-01

The Financial Statistics of Major U.S. Investor-Owned Electric Utilities publication presents summary and detailed financial accounting data on the investor-owned electric utilities. The objective of the publication is to provide Federal and State Governments, industry, and the general public with current and historical data that can be used for making policy and decisions relating to investor-owned electric utility issues.

Dynamics of Investor Attention on the Social Web

Science.gov (United States)

Li, Xian

2013-01-01

The World Wide Web has been revolutionizing how investors produce and consume information while participating in financial markets. Both the amount of information and the speed it flows around have achieved unprecedented magnitudes. The preeminent change is the growth of investor communities on the social web, which give rise to multidimensional…

The decision making on mutual investment of thai investors ...

African Journals Online (AJOL)

The decision making on mutual investment of thai investors. ... Journal of Fundamental and Applied Sciences. Journal Home ... The study was a research survey that used questionnaires to collect data from 400 samples of Thai investors.

Do executives' backgrounds matter to IPO investors? Evidence from the life science industry.

Science.gov (United States)

Chok, Jay; Qian, Jifeng

2013-01-01

In this study, we focus on the impact of senior executives' industry backgrounds on the amount of capital raised in the stock market. The primary contribution of the study entails applying the upper echelon theory to the initial public offering (IPO) phenomenon. Specifically, we hypothesize that the industry backgrounds of corporate executives affect the amount of capital that the firm raised in the primary stock market. We argue that the firm's future investment strategies are unobserved by the investors ex-ante and investors expect firms' investment strategies to be based on the executives' industry backgrounds. As a result, the executives' industry backgrounds influence the investors' expectations about what investment strategies the firm is likely to deploy. Furthermore, the above logic also suggests that executives of different industry backgrounds should prefer different investment strategies corresponding with demand for different amount of capital. As a result, we expect the industry backgrounds to covary with the capital raised from both the supply and demand perspectives. To test the hypotheses, we ran a reduced econometric model wherein the executives' background predicts the amount of capital raised. Regression analyses suggest that the capital raised is negatively associated with the number of senior executives with prior career experience in the healthcare and genomic sectors but positively associated with the number of senior executives with prior career experience in regulatory affairs. The results provide tentative support for the notion that investors infer corporate strategies from senior executives' industry backgrounds.

Do executives' backgrounds matter to IPO investors? Evidence from the life science industry.

Directory of Open Access Journals (Sweden)

Jay Chok

Full Text Available In this study, we focus on the impact of senior executives' industry backgrounds on the amount of capital raised in the stock market. The primary contribution of the study entails applying the upper echelon theory to the initial public offering (IPO phenomenon. Specifically, we hypothesize that the industry backgrounds of corporate executives affect the amount of capital that the firm raised in the primary stock market. We argue that the firm's future investment strategies are unobserved by the investors ex-ante and investors expect firms' investment strategies to be based on the executives' industry backgrounds. As a result, the executives' industry backgrounds influence the investors' expectations about what investment strategies the firm is likely to deploy. Furthermore, the above logic also suggests that executives of different industry backgrounds should prefer different investment strategies corresponding with demand for different amount of capital. As a result, we expect the industry backgrounds to covary with the capital raised from both the supply and demand perspectives. To test the hypotheses, we ran a reduced econometric model wherein the executives' background predicts the amount of capital raised. Regression analyses suggest that the capital raised is negatively associated with the number of senior executives with prior career experience in the healthcare and genomic sectors but positively associated with the number of senior executives with prior career experience in regulatory affairs. The results provide tentative support for the notion that investors infer corporate strategies from senior executives' industry backgrounds.

Do Executives' Backgrounds Matter to IPO Investors? Evidence from the Life Science Industry

Science.gov (United States)

Chok, Jay; Qian, Jifeng

2013-01-01

In this study, we focus on the impact of senior executives' industry backgrounds on the amount of capital raised in the stock market. The primary contribution of the study entails applying the upper echelon theory to the initial public offering (IPO) phenomenon. Specifically, we hypothesize that the industry backgrounds of corporate executives affect the amount of capital that the firm raised in the primary stock market. We argue that the firm's future investment strategies are unobserved by the investors ex-ante and investors expect firms' investment strategies to be based on the executives' industry backgrounds. As a result, the executives' industry backgrounds influence the investors' expectations about what investment strategies the firm is likely to deploy. Furthermore, the above logic also suggests that executives of different industry backgrounds should prefer different investment strategies corresponding with demand for different amount of capital. As a result, we expect the industry backgrounds to covary with the capital raised from both the supply and demand perspectives. To test the hypotheses, we ran a reduced econometric model wherein the executives' background predicts the amount of capital raised. Regression analyses suggest that the capital raised is negatively associated with the number of senior executives with prior career experience in the healthcare and genomic sectors but positively associated with the number of senior executives with prior career experience in regulatory affairs. The results provide tentative support for the notion that investors infer corporate strategies from senior executives' industry backgrounds. PMID:23690920

Buying and Selling Behavior of Individual Investors in Option-like Securities

OpenAIRE

Schmitz, Philipp; Weber, Martin

2007-01-01

We analyze the trading behavior of individual investors in option-like securities, namely bank-issued warrants, and thus expand the growing literature of investors behavior to a new kind of securities. A unique data set from a large German discount broker gives us the opportunity to analyze the trading behavior of 1,454 investors, making 89,958 transactions in 6,724 warrants on 397 underlyings. In different logit regression, we make use of the facts that investors can speculate on rising and ...

STRATEGI KEBIJAKAN PERLINDUNGAN INVESTOR LOKAL DALAM ARUS BEBAS ASEAN ECONOMIC COMMUNITY

Directory of Open Access Journals (Sweden)

Mukti Fajar Nur Dewata

2015-08-01

Full Text Available ASEAN countries will enter the era of free trade through the agreement of Asean Economic Community Blueprint. This agreement will open the free flow of trade in goods, services, investment, capital and skilled labor. Regarding the investment, in particularly, all countries will apply the principles of the National Treatment and Most Favoured Nation. It means that all countries will give equal treatment between foreign investors and local investors. This poses a problem for Indonesian government on policy strategies to provide protection for local investors. This paper will use the normative juridical method for the discussion. However, to complete the analysis, empirical facts will also be carried to sharpen the argument. Based on the normative analysis, the result showed that Indonesian government has taken various strategies throughout legal instruments related to the investment law. Local investor protection is conducted by providing limits to the field of businesses, investment and divestment requirements for foreign investors.Keywords : policy strategies, asean economic community, local investor protection

Value of Recommendation Systems for Online Investors

OpenAIRE

Rustam Vahidov; Raafat Saade; Ahmed Eldiwany

2012-01-01

Internet allows investors to use friendly tools which help them to make and implement their investment choices in an online environment. Individuals can have access to volumes of information related to alternative financial instruments and craft their strategies according to their needs and preferences. However, in the presence of multiple choices, investors with limited experience and knowledge may need support in making adequate decisions. Recommendations systems have been used in e-commerc...

Nuclear power and investor perceptions of risk

International Nuclear Information System (INIS)

Kahal, M.I.; Miller, R.E.

1984-01-01

This paper explores and quantifies the recent Wall Street fears concerning nuclear utilities. An econometric model of investor behavior is presented that quantifies the nuclear risk premium for the period when nuclear fear among investors was at its height, in mid-1984. The principal finding is that the risk premium relates primarily to nuclear construction work in progress (CWIP), rather than to the commercial operation of completed nuclear plants. 7 references, 1 table

Investors Assessment of the Credibility of Management Disclosures ...

African Journals Online (AJOL)

The objective of this study, is to examine the issue of the assessment of the credibility of management disclosures about a company from the perspective of the investors. It presents the results from a questionnaire survey of a sample of financial Analysts, accountants and other investor. The data were analyzed using the one ...

77 FR 58873 - Financial Investors Trust, et al.; Notice of Application

Science.gov (United States)

2012-09-24

...] Financial Investors Trust, et al.; Notice of Application September 18, 2012. AGENCY: Securities and Exchange... 12d1-2 under the Act to invest in certain financial instruments. APPLICANTS: Financial Investors Trust...(d)(1) if the exemption is consistent with the public interest and the protection of investors...

12 CFR 630.3 - Publishing and filing the report to investors.

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Publishing and filing the report to investors... Publishing and filing the report to investors. (a) The disclosure entities shall jointly publish the... material changes in information occurring since the most recently published report to investors. (b) Each...

Relationship marketing's role in managing the firm-investor dyad

NARCIS (Netherlands)

Hoffmann, A.O.I.; Pennings, J.M.E.; Wies, S.

2011-01-01

This paper develops an interdisciplinary conceptual framework demonstrating the role of marketing in managing investor relationships. The framework illustrates how companies can turn investor relationships into market-based assets by analyzing and managing them from a relationship marketing and

Long memory of abnormal investor attention and the cross-correlations between abnormal investor attention and trading volume, volatility respectively

Science.gov (United States)

Fan, Xiaoqian; Yuan, Ying; Zhuang, Xintian; Jin, Xiu

2017-03-01

Taking Baidu Index as a proxy for abnormal investor attention (AIA), the long memory property in the AIA of Shanghai Stock Exchange (SSE) 50 Index component stocks was empirically investigated using detrended fluctuation analysis (DFA) method. The results show that abnormal investor attention is power-law correlated with Hurst exponents between 0.64 and 0.98. Furthermore, the cross-correlations between abnormal investor attention and trading volume, volatility respectively are studied using detrended cross-correlation analysis (DCCA) and the DCCA cross-correlation coefficient (ρDCCA). The results suggest that there are positive correlations between AIA and trading volume, volatility respectively. In addition, the correlations for trading volume are in general higher than the ones for volatility. By carrying on rescaled range analysis (R/S) and rolling windows analysis, we find that the results mentioned above are effective and significant.

Obligation of the host state to act transparently towards the foreign investor

Directory of Open Access Journals (Sweden)

Đundić Petar M.

2016-01-01

Full Text Available Provisions on obligation of a host state to act transparently towards foreign investors increasingly often find their way into bilateral investment treaties. Their goal is to provide the investor with all information concerning the investment's legal framework and which he needs in order to make an informed decision with regard to his investment. Certain provisions on transparency are so broad in their scope that they demand from the host state to provide an investor with a possibility to participate in the process of adoption of a state measure that could affect his interest. On the other hand, in arbitral practice the obligation to act transparently is traditionally seen as one of the elements of the fair and equitable treatment standard, although the practice has not so far provided a clear answer as to what is the exact role of this element and what is its relationship with other elements of the standard. The paper contains an analysis of transparency provisions from bilateral investment treaties concluded by the Republic of Serbia. The second part of the paper is dedicated to analysis of arbitral awards in which tribunals considered the transparency obligation as a part of the fair and equitable treatment standard.

Danish farmers and investors

DEFF Research Database (Denmark)

Hajderllari, Luljeta; Karantininis, Konstantinos; Bonnichsen, Ole

The purpose of this paper is to provide some evidence on the push and pull factors that motivate farmers to expand across their home countries’ borders. The focus is on Danish expansion farmers and investor farmers setting up activities in Central and Eastern European countries like Slovakia...

The Impact of Conventional and Unconventional Monetary Policy on Investor Sentiment

DEFF Research Database (Denmark)

Lutz, Chandler

2015-01-01

This paper examines the relationship between monetary policy and investor sentiment across conventional and unconventional monetary policy regimes. During conventional times, we find that a surprise decrease in the fed funds rate leads to a large increase in investor sentiment. Similarly, when...... the fed funds rate is at its zero lower bound, research results indicate that expansionary unconventional monetary policy shocks also have a large and positive impact on investor mood. Together, our findings highlight the importance of both conventional and unconventional monetary policy...... in the determination of investor sentiment....

Practice financing strategies should match investors' objectives.

Science.gov (United States)

Messinger, S F; Stevenson, P B

1999-05-01

To successfully obtain capital financing, a group practice should develop a business plan that is tailored to the needs and objectives of the targeted investors. When evaluating possible funding sources, healthcare financial managers need to consider the group practice's growth objectives, geographic scope, intended use of the funding, and cash-flow potential and/or assets. Potential capital sources include internal funding; investments by healthcare organizations, health plans, private investors, and venture capitalists; borrowing from lenders; and public offerings.

Between two evils: Investors prefer grand corruption!

OpenAIRE

Graf Lambsdorff, Johann

2005-01-01

Recent empirical studies claim that, in addition to levels of corruption, investors are deterred by its unpredictability. I claim instead that it is petty corruption that deters investors. I employ seven subcomponents of corruption for a sample of 102 countries that appear in the 2003 Global Competitiveness Report of the WEF. The second principal component of this data depicts a grand, political type, embracing corruption in government policymaking and in judicial decisions as opposed to corr...

Does investor-ownership of nursing homes compromise the quality of care?

Science.gov (United States)

Harrington, Charlene; Woolhandler, Steffie; Mullan, Joseph; Carrillo, Helen; Himmelstein, David U

2002-01-01

Quality problems have long plagued the nursing home industry. While two-thirds of U.S. nursing homes are investor-owned, few studies have examined the impact of investor-ownership on the quality of care. The authors analyzed 1998 data from inspections of 13,693 nursing facilities representing virtually all U.S. nursing homes. They grouped deficiency citations issued by inspectors into three categories ("quality of care," "quality of life," and "other") and compared deficiency rates in investor-owned, nonprofit, and public nursing homes. A multivariate model was used to control for case mix, percentage of residents covered by Medicaid, whether the facility was hospital-based, whether it was a skilled nursing facility for Medicare only, chain ownership, and location by state. The study also assessed nurse staffing. The authors found that investor-owned nursing homes provide worse care and less nursing care than nonprofit or public homes. Investor-owned facilities averaged 5.89 deficiencies per home, 46.5 percent higher than nonprofit and 43.0 percent higher than public facilities, and also had more of each category of deficiency. In the multivariate analysis, investor-ownership predicted 0.679 additional deficiencies per home; chain-ownership predicted an additional 0.633 deficiencies per home. Nurse staffing ratios were markedly lower at investor-owned homes.

ROMANIAN INVESTORS PORTFOLIO. ONLINE VERSUS ASSISTED TRADING

Directory of Open Access Journals (Sweden)

Ioana Ancuţa IANCU

2017-05-01

Full Text Available One of the most important aspects in deciding to trade online, alone, without the help of a broker, is the portfolio profitability. In this study, using the personal experience, survey data and secondary sources, we identify some factors that may influence the gain and the loss of investors which trade online. Our study contradicts other results from literature that claim that the transition from assisted to online trading is a big drawback in terms of portfolio profitability. By analyzing the performance of the portfolio when passing from assisted to online trading, we observe that half of the investors achieved identical profitability. We also observed that the efficiency of the portfolios belonging to the online investors that were assisted in the past by a broker for a short period, is lower compared to the ones assisted (in the past for a longer period.

Individual Investor Perceptions and Behavior During the Financial Crisis

NARCIS (Netherlands)

Hoffmann, A.O.I.; Post, T.; Pennings, J.M.E.

2013-01-01

Combining monthly survey data with matching trading records, we examine how individual investor perceptions change and drive trading and risk-taking behavior during the 2008–2009 financial crisis. We find that investor perceptions fluctuate significantly during the crisis, with risk tolerance and

On the behavior of mutual fund investors and managers

NARCIS (Netherlands)

Goriaev, A.P.

2002-01-01

This thesis investigates empirically and theoretically the behavior of mutual fund investors and managers. These two aspects are closely related to each other. Investors try to select funds that follow an optimal investment policy from their point of view, while fund managers are typically

Financial characteristics of hospitals purchased by investor-owned chains.

Science.gov (United States)

McCue, M J; Furst, R W

1986-01-01

This article focuses on the preacquisition financial condition of not-for-profit hospitals acquired by investor-owned hospital chains. Financial ratios are used to determine if not-for-profit hospitals acquired by investor-owned hospital systems have common financial characteristics which make them a likely target for a takeover. The results indicate that during the time period studied, investor-owned hospital systems did tend to purchase hospitals with common financial characteristics and that these characteristics provide a reasonable description of a financially distressed hospital. This finding has important consequences for our health care delivery system. PMID:3771232

What types of investors generate the two-phase phenomenon?

Science.gov (United States)

Ryu, Doojin

2013-12-01

We examine the two-phase phenomenon described by Plerou, Gopikrishnan, and Stanley (2003) [1] in the KOSPI 200 options market, one of the most liquid options markets in the world. By analysing a unique intraday dataset that contains information about investor type for each trade and quote, we find that the two-phase phenomenon is generated primarily by domestic individual investors, who are generally considered to be uninformed and noisy traders. In contrast, our empirical results indicate that trades by foreign institutions, who are generally considered informed and sophisticated investors, do not exhibit two-phase behaviour.

77 FR 3294 - Comment Request for Study Regarding Financial Literacy Among Investors

Science.gov (United States)

2012-01-23

... Study Regarding Financial Literacy Among Investors AGENCY: Securities and Exchange Commission. ACTION: Request for comment. SUMMARY: In connection with a study regarding financial literacy among investors as...: methods to improve the timing, content, and format of disclosures to investors with respect to financial...

Financial statistics of major U.S. investor-owned electric utilities 1993

Energy Technology Data Exchange (ETDEWEB)

1995-01-01

The Financial Statistics of Major US Investor-Owned Electric Utilities publication presents summary and detailed financial accounting data on the investor-owned electric utilities. The objective of the publication is to provide Federal and State governments, industry, and the general public with current and historical data that can be used for policymaking and decisionmaking purposes related to investor-owned electric utility issues.

The familiar versus the unfamiliar: Familiarity bias amongst individual investors

Directory of Open Access Journals (Sweden)

Annalien De Vries

2017-02-01

Full Text Available Purpose: The purpose of this study was to investigate the existence of familiarity bias amongst individual investors in the South African stock market. Problem investigated: According to Warren Buffet, one needs to maintain emotional detachment if one wants to be a successful investor. However, recent research indicates that the perceptions of companies’ products and brands may influence individuals’ investment decisions in the stock market. This phenomenon implies that the investment decisions of individual investors are not purely based on firm fundamentals as suggested by traditional finance theories, but might be driven partly by the positive or negative attitude they have towards certain companies’ products and brands. The existence of familiarity bias amongst individual investors was investigated to determine if individuals prefer to invest in companies they are familiar with as opposed to unfamiliar companies. Methodology: A quantitative approach was followed. An online survey was used to show images of familiar and unfamiliar company brands to respondents, whereafter respondents were asked to indicate whether they will invest in the shares of the identified companies. The statistical analysis entailed descriptive statistics as well as one-way analyses of variance to test the stated hypotheses. Main findings: The results of this exploratory study indicate that investors do exhibit familiarity bias when choosing between different companies to invest in. Value of the research: The inclination of individual investors to invest in familiar corporate brands can have implications for the marketing industry, financial markets, the performance of companies as well as the investment performance of individual investors in the sense that it would seem that company brands could have an influence on investment decisions.

The Information Seeking and Use Behaviors of Retired Investors

Science.gov (United States)

O'Connor, Lisa G.

2013-01-01

This exploratory study examines the information seeking and use behaviors of a group of US retired or near-retirement investors from everyday life information seeking and serious leisure perspectives. Although primarily qualitative, it also collects and analyzes quantitative data to describe retired investors' information preferences and use.…

Investor perception towards small medium enterprises investment in Africa

NARCIS (Netherlands)

Aboah, J.; White, B.; Meuwissen, M.P.M.

2015-01-01

This study seeks to examine investor perceptions towards investing in SMEs in Africa. Data was collected via an online survey sent to investors on the Venture Capital for Africa (VC4Africa) platform. The Kendall’s coefficient of concordance was used to determine the degree of agreement among

A Robust Measure of Investor Contrarian Behaviour

Science.gov (United States)

Challet, Damien; Morton de Lachapelle, David

Using the transaction history of all the clients of an on-line broker, we analyse the daily aggregated investment fluxes of individual investors, companies, and asset managers. Computing the probability that price returns and daily investment fluxes have the same sign provides a robust characterisation of contrarian behaviour. The three categories are found to be contrarian, but with widely different intensities. Individual investors are by far the most contrarian of the three, followed by companies. Asset managers are only mildly contrarian with respect positive price returns.

Investor-State Dispute Settlement Mechanism: The Quest for a Workable Roadmap

Directory of Open Access Journals (Sweden)

Sachet Singh

2013-01-01

Full Text Available The last decade has witnessed an unprecedented increase in the use of investor-State arbitration, highlighting numerous shortcomings of the existing investor-State dispute settlement system. The legitimacy of the International Investment regime has been under severe criticism due to the growing discontent amongst the investors as well as the host States. The increased litigation has led to both the process and the outcome being questioned and has undermined the growth of harmonious relationships between foreign investors and host States. The object of this paper is to explore a workable roadmap for the investor-State dispute settlement mechanism by tracing the evolution of the existing system and by analysing the dispute settlement mechanism in major international investment agreements. Furthermore, it highlights the causes and the possible consequences of the denunciation of Bilateral Investment Treaties ('BITs' and the International Centre for Settlement of Investment Disputes ('ICSID' by host nations, which have been plagued by a myriad of investment suits. The authors suggest the need for doing away with highly protective investor-State dispute settlement mechanisms ('ISDSMs' in future investment agreements and recommend the need for designing an appellate mechanism for bringing consistency and predictability to the system.

The role of institutional investors in promoting long-term value ...

African Journals Online (AJOL)

The excessive focus of corporate decision-makers on short-term profit maximising ... sound principles and practices of corporate governance sits with institutional investors. ... What are the reasons for the failure of institutional investors to date?

Revisiting the investor sentiment-stock returns relationship: A multi-scale perspective using wavelets

Science.gov (United States)

Lao, Jiashun; Nie, He; Jiang, Yonghong

2018-06-01

This paper employs SBW proposed by Baker and Wurgler (2006) to investigate the nonlinear asymmetric Granger causality between investor sentiment and stock returns for US economy while considering different time-scales. The wavelet method is utilized to decompose time series of investor sentiment and stock returns at different time-scales to focus on the local analysis of different time horizons of investors. The linear and nonlinear asymmetric Granger methods are employed to examine the Granger causal relationship on similar time-scales. We find evidence of strong bilateral linear and nonlinear asymmetric Granger causality between longer-term investor sentiment and stock returns. Furthermore, we observe the positive nonlinear causal relationship from stock returns to investor sentiment and the negative nonlinear causal relationship from investor sentiment to stock returns.

EFFECT OF INVESTOR SENTIMENT ON FUTURE RETURNS IN THE NIGERIAN STOCK MARKET

Directory of Open Access Journals (Sweden)

Udoka Bernard Alajekwu

2017-06-01

Full Text Available The study examined the effect of investor sentiment on future returns in the Nigerian stock market. The OLS regression and granger causality techniques were employed for data analyses. The results showed that (1 investor sentiment has a significant positive effect on stock market returns even after control for fundamentals such as Industrial production index, consumer price index and Treasury bill rate; (2 there is a uni-directional causality that runs from change in investor sentiment (ΔCCI to stock market returns (Rm. Derived finding showed that the inclusion of fundamentals increased the explanatory power of investor sentiment from 3.96% to 33.05%, though at both level, investor sentiment (ΔCCI has low explanatory power on stock market returns. The study posits existence of a dynamic relationship between investor sentiment and the behaviour of stock future returns in Nigeria such that higher sentiment concurrently leads to higher stock prices.

Investor responsibility and Norway’s Government Pension Fund – Global

Directory of Open Access Journals (Sweden)

Hilde W. Nagell

2011-05-01

Full Text Available This article identifies and critically examines three differentaspects of investor responsibility. First, investors haveresponsibilities toward their clients (the so-called fiduciaryduties. Second, investors are responsible for taking steps toreduce the risk that an investment directly or indirectlycontributes to harm (avoid complicity. Finally, investorsshould take into consideration the symbolic and signallingeffects of an investment decision. This article discusses howthese responsibilities should be interpreted and also howthey play out in practice. Norway’s Government PensionFund is used as a case in point.

Investor relations on the internet: Analysis of companies on the Serbian stock market

Directory of Open Access Journals (Sweden)

Đorđević Bojan

2012-01-01

Full Text Available Stockholders and other interested parties used to exchange information in writing by means of physical submission, while today with just a click on any known company’s Internet page it is possible to acquire both the information needed and its financial situation. The aim of this work is to indicate the lack of corporate culture and investor communication on the Serbian stock market by analyzing investor relations via the e-communication tools of some of the best Serbian companies. This study investigates investor relations on the Internet of companies listed on the Belgrade Stock Exchange (BELEX 15 and BELEX LINE. For this purpose, the websites of the 20 largest listed companies of the Republic of Serbia were screened for investor relations items. Results obtained by using a three-stage model show that most companies in Serbia are at the second stage of internet investor relations, i.e., where information available through other sources is combined to better inform investors. In the third stage companies use the full interactive possibilities of the Internet for investor relations purposes. The author also stresses that the quality of investor relations must be a part of every company’s strategic vision.

Investor Perceptions of Board Performance

DEFF Research Database (Denmark)

Fischer, Paul E.; Gramlich, Jeffrey D.; Miller, Brian P.

2009-01-01

This paper provides evidence that uncontested director elections provide informative polls of investor perceptions regarding board performance. We find that higher (lower) vote approval is associated with lower (higher) stock price reactions to subsequent announcements of management turnovers. In...

Flying Under the Radar: The Effects of Short-Sale Disclosure Rules on Investor Behavior and Stock Prices

NARCIS (Netherlands)

S. Jank (Stephan); C. Roling (Christoph); E. Smajlbegovic (Esad)

2016-01-01

textabstractThis paper analyzes how newly introduced transparency requirements for short positions affect investors' behavior and security prices. Employing a unique data set, which contains both public positions above and confidential positions below the regulatory disclosure threshold, we offer

Financial statistics of major US investor-owned electric utilities 1992

Energy Technology Data Exchange (ETDEWEB)

1993-12-28

The Financial Statistics of Major US Investor-Owned Electric Utilities publication presents summary and detailed financial accounting data on the investor-owned electric utilities. The objective of the publication is to provide Federal and State governments, industry, and the general public with current and historical data that can be used for policymaking and decisionmaking purposes related to investor-owned electric utility issues. The Financial Statistics of Major US Investor-Owned Electric Utilities publication provides information about the financial results of operations of investor-owned electric utilities for use by government, industry, electric utilities, financial organizations and educational institutions in energy planning. In the private sector, the readers of this publication are researchers and analysts associated with the financial markets, the policymaking and decisionmaking members of electric utility companies, and economic development organizations. Other organizations that may be interested in the data presented in this publication include manufacturers of electric power equipment and marketing organizations. In the public sector, the readers of this publication include analysts, researchers, statisticians, and other professionals engaged in regulatory, policy, and program areas. These individuals are generally associated with the Congress, other legislative bodies, State public utility commissions, universities, and national strategic planning organizations.

Estimating investor preferences towards portfolio return distribution in investment funds

Directory of Open Access Journals (Sweden)

Margareta Gardijan

2015-03-01

Full Text Available Recent research in the field of investor preference has emphasised the need to go beyond just simply analyzing the first two moments of a portfolio return distribution used in a MV (mean-variance paradigm. The suggestion is to observe an investor's utility function as an nth order Taylor approximation. In such terms, the assumption is that investors prefer greater values of odd and smaller values of even moments. In order to investigate the preferences of Croatian investment funds, an analysis of the moments of their return distribution is conducted. The sample contains data on monthly returns of 30 investment funds in Croatia for the period from January 1999 to May 2014. Using the theoretical utility functions (DARA, CARA, CRRA, we compare changes in their preferences when higher moments are included. Moreover, we investigate an extension of the CAPM model in order to find out whether including higher moments can explain better the relationship between the awards and risk premium, and whether we can apply these findings to estimate preferences of Croatian institutional investors. The results indicate that Croatian institutional investors do not seek compensation for bearing greater market risk.

Anomalies and Investor Sentiment: Empirical Evidences in the Brazilian Market

Directory of Open Access Journals (Sweden)

Gustavo Correia Xavier

2017-10-01

Full Text Available This study examined the relationship between investor sentiment and value anomalies in Brazil. In addition, it analyzed if pricing deviations caused by investors with optimistic views are different from those caused by pessimistic investors. The sample included all non-financial firms listed on the B3 (Brasil, Bolsa, Balcão stock exchange from July 1999 to June 2014. We used the Principal Component Analysis multivariate technique to capture the component common to four different proxies for investor sentiment. The study empirically tested the index series and its variation on the return series of Long-Short portfolios of 12 anomaly-based strategies. The study found that the measure of the sentiment index had a partial explanatory power for the anomalies only when included in the CAPM. Yet, when using the index sentiment changes as an explanatory variable, the study found a relationship with future returns, robust to all risk factors. Thus, it is possible to relate investor sentiment index to anomaly-based portfolio returns. When analyzing average returns after optimistic and pessimistic periods, the values we found in our empirical test were not statistically significant enough to infer the possible existence of short-sale constraints.

Investors prefer entrepreneurial ventures pitched by attractive men.

Science.gov (United States)

Brooks, Alison Wood; Huang, Laura; Kearney, Sarah Wood; Murray, Fiona E

2014-03-25

Entrepreneurship is a central path to job creation, economic growth, and prosperity. In the earliest stages of start-up business creation, the matching of entrepreneurial ventures to investors is critically important. The entrepreneur's business proposition and previous experience are regarded as the main criteria for investment decisions. Our research, however, documents other critical criteria that investors use to make these decisions: the gender and physical attractiveness of the entrepreneurs themselves. Across a field setting (three entrepreneurial pitch competitions in the United States) and two experiments, we identify a profound and consistent gender gap in entrepreneur persuasiveness. Investors prefer pitches presented by male entrepreneurs compared with pitches made by female entrepreneurs, even when the content of the pitch is the same. This effect is moderated by male physical attractiveness: attractive males were particularly persuasive, whereas physical attractiveness did not matter among female entrepreneurs.

The intelligent investor a book of practical counsel

CERN Document Server

Graham, Benjamin

2003-01-01

This classic text is annotated to update Graham's timeless wisdom for today's market conditions... The greatest investment advisor of the twentieth century, Benjamin Graham, taught and inspired people worldwide. Graham's philosophy of "value investing" -- which shields investors from substantial error and teaches them to develop long-term strategies -- has made The Intelligent Investor the stock market bible ever since its original publication in 1949. Over the years, market developments have proven the wisdom of Graham's strategies. While preserving the integrity of Graham's original text, this revised edition includes updated commentary by noted financial journalist Jason Zweig, whose perspective incorporates the realities of today's market, draws parallels between Graham's examples and today's financial headlines, and gives readers a more thorough understanding of how to apply Graham's principles. Vital and indispensable, this HarperBusiness Essentials edition of The Intelligent Investor is the most imp...

Investment Behaviour of Institutional Investors

NARCIS (Netherlands)

G. Rubbaniy (Ghulame)

2013-01-01

textabstractThis study examines the portfolio choice anomalies and trading strategies of two types of institutional investors, Dutch pension funds (PFs) and US mutual funds (MFs), and presents some explanation for the unexpected behaviour in their trading. Particularly we focus on the determinants

Individual Investor Perceptions, Behavior, and Performance During the Financial Crisis

NARCIS (Netherlands)

Hoffmann, A.O.I.; Pennings, J.M.E.; Post, T.

2011-01-01

We study how during the financial crisis individual investor perceptions change, impact trading and risk-taking behavior, and explain performance. Based on monthly survey data and matching brokerage records from April 2008 to March 2009, we find that successful investors had higher return

Investor Flows to Asset Managers

DEFF Research Database (Denmark)

Christoffersen, Susan E. K.; Musto, David K.; Wermers, Russ

2014-01-01

of the financial system and the real economy, and the retirement security and protection of the investors. There is an accordingly large and growing literature on flows that has concentrated on the main retail investment pool, the open-end mutual fund, and has used flows to explore many aspects of retail financial...... decision making. We survey this literature and, where relevant, describe how open-end flows compare to other investment vehicles. We also identify opportunities both for future research and for refinement of mutual fund design, in particular as suggested by the recent rethinking of retail investment pools......Cash flows between investors and funds are both cause and effect in a complex web of economic decisions. Among the issues at stake are the prospects and fees of the funds, the efforts and risk choices by the funds' managers, the pricing and comovement of the assets they trade, the stability...

Individual Investor Perceptions, Behavior, and Performance During the Financial Crisis

NARCIS (Netherlands)

Hoffmann, A.O.I.; Post, T.; Pennings, J.M.E.

2011-01-01

Abstract: We study how during the financial crisis individual investor perceptions change, impact trading and risk-taking behavior, and explain performance. Based on monthly survey data and matching brokerage records from April 2008 to March 2009, we find that successful investors had higher return

How can a place conquer a position in the mind of potential business investors? : A case study on Dubai

OpenAIRE

Kindblom, Henrik; Karlsson, David

2006-01-01

Abstract In the age of globalization it has become more and more common that places – cities, regions and nations – work actively to attract business investors; all with the aim to support economic development. Nevertheless, the competition is tough and it is hard to get through the information clutter and conquer a position in the mind of the business investors. Dubai, one of the seven Emirates that form the nation United Arab Emirates, was for many years a general unknown place for business...

Politics, investor protection and competition

NARCIS (Netherlands)

Perotti, E.; Volpin, P.

2007-01-01

External finance is critical for less established entrepreneurs, so poor investor protection can hinder competition. We model how lobbying by incumbents may reduce access to finance in countries where politicians are less accountable to voters. In a broad cross-section of countries and industries,

An Empirical Study of the Effect of Investor Sentiment on Returns of Different Industries

Directory of Open Access Journals (Sweden)

Chuangxia Huang

2014-01-01

Full Text Available Studies on investor sentiment are mostly focused on the stock market, but little attention has been paid to the effect of investor sentiment on the return of a specific industry. This paper constructs a proxy variable to examine the relationship between investor sentiment and the return of a specific industry, using the Principle Component Analysis, and finds that investor sentiment is positively correlated with the industry return of the current period and negatively correlated with that of one lag period; we classify investor sentiment as optimistic state and pessimistic state and find that optimistic investor sentiment has a positive effect on stock returns of most industries, while pessimistic investor sentiment has no effect on them; this paper further builds a two-state Markov regime switching model and finds that sentiment has different effect on different industries returns on different states of market.

Investor acceptance of wind energy in Switzerland - Final report

Energy Technology Data Exchange (ETDEWEB)

Buerer, M. J.

2009-10-15

This report for the Swiss Federal Office of Energy (SFOE) presents the views of 17 developers and investors in Switzerland which were collected during two sets of interviews - one in autumn 2008 with 13 developers and investors and one in the first half of 2009 with 15 developers and investors. According to the authors, this report does not present the opinion of specialists, but is rather a compilation and synthesis of the remarks made by several industry practitioners who were interviewed. The authors state that this report covers opinions, not facts. The effects of the financial crisis on wind energy are commented on and strategies that can increase the potential for success are reviewed. Basic recommendations concerning wind energy are made for Swiss policy makers.

The Impact of Investors¡¯ Sentiment on the Equity Market: Evidence from Ghanaian Stock Market

OpenAIRE

Ebenezer Bennet; Lydia Obenewaa Amoako; Ricky Okine Charles; Asumadu Edward; Joseph Asante Darkwah

2012-01-01

Investor¡¯s Sentiment plays a major role in choosing which stocks we invest. Investors¡¯ sentiment can be defined as investors¡¯ attitude and opinion towards investing in the Stocks. The aim of this research is to analyse the individual investor¡¯s sentiment and also to analyse the influence of Market Specific Factors on investors¡¯ sentiment. The investor¡¯s attitude towards investing is influenced by rumours, intuition, herd behaviour among investors and media coverage of the stock. 100 inv...

Quality of care in investor-owned vs not-for-profit HMOs.

Science.gov (United States)

Himmelstein, D U; Woolhandler, S; Hellander, I; Wolfe, S M

1999-07-14

The proportion of health maintenance organization (HMO) members enrolled in investor-owned plans has increased sharply, yet little is known about the quality of these plans compared with not-for-profit HMOs. To compare quality-of-care measures for investor-owned and not-for-profit HMOs. Analysis of the Health Plan Employer Data and Information Set (HEDIS) Version 3.0 from the National Committee for Quality Assurance's Quality Compass 1997, which included 1996 quality-of-care data for 329 HMO plans (248 investor-owned and 81 not-for-profit), representing 56% of the total HMO enrollment in the United States. Rates for 14 HEDIS quality-of-care indicators. Compared with not-for-profit HMOs, investor-owned plans had lower rates for all 14 quality-of-care indicators. Among patients discharged from the hospital after myocardial infarction, 59.2% of members in investor-owned HMOs vs 70.6% in not-for-profit plans received a beta-blocker (Pinvestor-owned plans vs 47.9% in not-for-profit plans had annual eye examinations (PInvestor-owned plans had lower rates than not-for-profit plans of immunization (63.9% vs 72.3%; Pinvestor ownership was consistently associated with lower quality after controlling for model type, geographic region, and the method each HMO used to collect data. Investor-owned HMOs deliver lower quality of care than not-for-profit plans.

Ethics, investments and investor behavior

NARCIS (Netherlands)

Zhang, C.

2006-01-01

The second part of the dissertation studies the impact of information on investor behavior. In particular, Chapter 5 investigates the impact of information salience on investors’ reactions to news by studying soccer clubs listed on the London Stock Exchange. Chapter 6 is an experimental study which

Investment barriers under a renewable-electricity support scheme: Differences across investor types

International Nuclear Information System (INIS)

Linnerud, Kristin; Holden, Erling

2015-01-01

In 2012, Norway and Sweden implemented a common market for tradable green certificates to achieve each country's renewable-energy target. This is the first example of a cooperation mechanism that the EU has suggested to improve the cost efficiency of its renewable-energy policies. We asked investors in 446 planned hydropower projects in Norway what type of barriers may prevent their project from being realized under this scheme, and how likely it is that their project will be realized. Based on a regression analysis we find that the responses to these questions vary systematically with investor, project and process characteristics. We find that investors are concerned with capacity barriers imposed on the market because of the short duration and abrupt termination of the subsidy scheme at the end of 2020. Consequently, the cost efficiency of this and similar schemes can be improved by choosing a better design. Moreover, experienced investors and local landowners without previous experience in the energy sector responded differently to these questions. Local landowners were more optimistic, less concerned with capacity barriers and more concerned with economic barriers than experienced investors were. These observations are interesting given the recent emergence of new investors in the renewable energy sector. - Highlights: • Norway and Sweden have implemented a common market for tradable green certificates. • We asked questions on barriers and potential to investors in 446 hydropower projects. • Capacity barriers imposed on the market by the support scheme design are important. • Local landowners are more optimistic than experienced investors are, all else equal. • They focus relatively more on economic barriers and risk and less on capacity barriers

Behavioral Finance in Brazil: applying the prospect theory to potential investors

Directory of Open Access Journals (Sweden)

Claudia Emiko Yoshinaga

2014-12-01

Full Text Available The premise of unbounded rationality defended by the Efficient Market Hypothesis is challenged by the theoretical framework that involves Behavioral Finance, whose basis, Kahneman and Tversky’s Prospect Theory (1979, questions the Expected Utility Theory, an important element of Neoclassical Economics, as basis for decisionmaking. This research aims to replicate the empirical research of Kahneman and Tversky’s seminal article (1979 to evaluate the decisionmaking process of employees (potential investors from a major national financial institution. The results of this study were compared to those obtained in the original article and to other similar studies. The questionnaire employed was an adaptation of the one originally used, so that we could test, in the studied sample, the applicability of the Prospect Theory, more specifically with regard to Certainty, Reflection and Isolation Effects. We also analyzed differences in the decision-making process considering respondents’ attributes (gender, age and income. The results confirmed that behavioral effects do exist, and proved that a large portion of the sample presented significant inconsistency in their choices according to Expected Utility Theory principles, highlighting that their decisions were not made according to strictly rational behavior. Furthermore, we analyzed the relationship between violations and investor characteristics by estimating a linear model. Results indicate that both age and level of income were negatively related to total violations.

75 FR 22640 - Investor Advisory Committee

Science.gov (United States)

2010-04-29

... providing notice that it will hold a public meeting on Monday, May 17, 2010, in the Multipurpose Room, L-006... Committee; (iii) briefing on the Investor as Owner Subcommittee's environmental, social, and governance...

Illuminating the Dark Side of Financial Innovation: The Role of Investor Information

OpenAIRE

Ammann, Manuel; Arnold, Marc; Straumann, Simon

2017-01-01

This paper investigates the impact of investor information on financial innovation. We identify specific channels through which issuers of financially engineered products exploit retail investors by using their privileged access to information. Our results imply that imperfect investor information regarding volatility and dividends is crucial to explain the pricing and design of financially engineered products. We confirm our conjecture by exploiting a discontinuity in issuers' informational ...

Investors Perception And Attitude Towards Mutual Fund As An Investment Option

OpenAIRE

Sharma, Priyanka; Agrawal, Payal

2015-01-01

Mutual funds have opened new vistas to millions of investors by virtually taking investment to their doorstep. In India, a investor generally goes for such kind of information, which do not provide hedge against inflation and often have negative real returns. He finds himself to be an odd man out in the investment game. Mutual funds have come, as a much needed help to these investors. Thus the success of MFs is essentially the result of the combined efforts of competent fund managers and aler...

Investor perceptions of potential IFRS adoption in the United States

NARCIS (Netherlands)

Leung, P.Y.E.; Joos, P.P.M.

2013-01-01

This paper examines the stock market reaction to 15 events relating to IFRS adoption in the United States. The goal is to assess whether investors perceive the switch to IFRS as beneficial or costly. Our findings suggest that investors' reaction to IFRS adoption is more positive in cases where IFRS

Access to rural banking credit by agribusiness investors in Ahiazu ...

African Journals Online (AJOL)

This paper examines access to rural banking credit by agribusiness investors and issues for policies in Ahiazu Mbaise local government area of Imo state. The work is important because the existence of limited access of agribusiness investors to formal rural banking credit and extension services is provided by extension ...

Dynamics of investor spanning trees around dot-com bubble.

Directory of Open Access Journals (Sweden)

Sindhuja Ranganathan

Full Text Available We identify temporal investor networks for Nokia stock by constructing networks from correlations between investor-specific net-volumes and analyze changes in the networks around dot-com bubble. The analysis is conducted separately for households, financial, and non-financial institutions. Our results indicate that spanning tree measures for households reflected the boom and crisis: the maximum spanning tree measures had a clear upward tendency in the bull markets when the bubble was building up, and, even more importantly, the minimum spanning tree measures pre-reacted the burst of the bubble. At the same time, we find less clear reactions in the minimal and maximal spanning trees of non-financial and financial institutions around the bubble, which suggests that household investors can have a greater herding tendency around bubbles.

Dynamics of investor spanning trees around dot-com bubble.

Science.gov (United States)

Ranganathan, Sindhuja; Kivelä, Mikko; Kanniainen, Juho

2018-01-01

We identify temporal investor networks for Nokia stock by constructing networks from correlations between investor-specific net-volumes and analyze changes in the networks around dot-com bubble. The analysis is conducted separately for households, financial, and non-financial institutions. Our results indicate that spanning tree measures for households reflected the boom and crisis: the maximum spanning tree measures had a clear upward tendency in the bull markets when the bubble was building up, and, even more importantly, the minimum spanning tree measures pre-reacted the burst of the bubble. At the same time, we find less clear reactions in the minimal and maximal spanning trees of non-financial and financial institutions around the bubble, which suggests that household investors can have a greater herding tendency around bubbles.

RESPON INVESTOR TERHADAP PENGUMUMAN LABA INDUSTRI PERBANKAN YANG MENGHADAPI KOS STICKINESS

Directory of Open Access Journals (Sweden)

Windyastuti Windyastuti

2017-05-01

Full Text Available This study aimed to analyze the response of investors to the announcement of the financial statements of the banking sector. The population in this study was the banking industry. This study used purposive sampling method. Based on sampling techniques the number of samples in this study were 11 banks. The research period was 2002-2014. The analysis technique used was panel data regression. The result showed that investor response to the financial statements of banks which faced cost stickiness was weak. The increase of cost stickiness on banking sector led the weak investor response to the announcement of the financial statements of banks. In the banking companies facing cost stickiness problem, earnings prediction accuracy reduced. This causes the income statement would provide information that was less important to the earnings prediction in the next periods. Penelitian ini bertujuan untuk menganalisis respon investor terhadap pengumuman laporan keuangan sektor perbankan. Populasi dalam penelitian ini adalah industri perbankan. Penelitian ini menggunakan metode purposive sampling. Berdasarkan teknik sampling jumlah sampel dalam penelitian sejumlah 11 bank. Periode penelitian tahun 2002-2014. Teknik analisis yang digunakan regresi berganda data panel. Hasil penelitian menunjukkan lemahnya respon investor terhadap laporan keuangan perbankan yang menghadapi kos stickiness. Kenaikan kos stickiness sektor perbankan menyebabkan lemahnya respon investor terhadap pengumuman laporan keuangan perbankan. Pada perusahaan perbankan yang menghadapi masalah kos stickiness, akurasi prediksi laba berkurang. Hal ini menyebabkan laba yang dilaporkan akan memberikan informasi yang kurang penting bagi prediksi laba periode mendatang.

Information for investors

International Nuclear Information System (INIS)

1996-08-01

A booklet was prepared by Imperial Oil for the benefit of investors. It includes a review of the company's current and historical financial situation by division, i.e., natural resources, petroleum products, chemicals and corporate divisions. Imperials' Resources Division is the largest producer of crude oil and a major producer of natural gas in Canada. Besides production of conventional crude and natural gas, the division is also responsible for the exploration and production of bitumen and is a major developer of Canada's reserves of oil sands through its operations at Cold Lake, Alberta. tabs., figs

AUDITOR CHOICE AND INTITUTIONNEL INVESTOR CHARACTERISTICS AFTER THE ENRON SCANDAL IN THE FRENCH CONTEXT

OpenAIRE

Jamel Azibi; Hubert Tondeur; Mohamed Tahar Rajhi

2010-01-01

International audience; This study examines the association between the quality of audit and the characteristics of institutional investors, using French data. After the Enron scandal, the perception of the Big 4 by French institutional investors changed. Our first hypothesis focuses on the perception French institutional investors to appointment of the Big 4. Our second hypothesis deals with the perception of the foreign institutional investors to choose one of the Big 4 auditors due to the ...

Principle Guided Investing: The Use of Exclusionary Screens and Its Implications for Green Investors

OpenAIRE

Urs von Arx

2007-01-01

This paper examines how "green" investors can induce firms to invest in clean production technology. The 1-period model incorporates heterogeneous agents - Markowitz investors and green investors – and two groups of firms working either with clean or polluting technology. Since green investors apply exclusionary environmental screens, some firms will invest in abatement technology in order to switch to a clean technology and thereby raising firm value. The number of firms working with clean t...

The impact of foreign investors on the Serbian stock market

Directory of Open Access Journals (Sweden)

Rakočević Rade

2016-01-01

Full Text Available Frontier markets, such as Serbia, which are at the early stages of development, are characterized by very low level of solvency, absence of corporate management rules and reports to the public, insufficiently developed regulations, as well as significant participation of foreign portfolio investors in the exchange. Those are usually foreign investment funds specialized in risky investments at such markets; they apply the principle of geographic portfolio diversification in their investment policy. At the Belgrade Stock Exchange, foreign investors have been present at the stock market since 2002 and they participated in high volumes in stock buying during the stock market growth in the period from 2002 to 2007, whereas during the crisis at the Serbian capital market from 2008 to 2010 there was a significant increase in foreign investors' participation on the selling side and a withdrawal from the Belgrade Stock Exchange. Such behavior of foreign investors was initially prompted by local factors, but was intensified by the global financial crisis and will be analyzed in this paper.

Investor Reaction to Mandatory Offers on the Warsaw Stock Exchange

Directory of Open Access Journals (Sweden)

Szymon Okoń

2012-06-01

Full Text Available The following paper aims to assess investor reaction to mandatory offers on the Warsaw Stock Exchange, which is important because knowledge about these reactions can be used to make better investment decisions. This paper highlights the importance of procedure in making a mandatory offer and its grounds in the Polish legal system. Additionally, it presents empirical research on the reactions of investors to mandatory offers on the Warsaw Stock Exchange. It has been provided that mandatory offers have a significant impact on the price of a company’s shares listed on the Warsaw Stock Exchange. Knowledge about the reactions of investors to a mandatory offer may be used when selecting securities for an investment portfolio. The findings may provide guidance in deciding whether to begin or end investment in the company, both for individual and institutional investors. The event study methodology approach used in the paper is regarded as valuable and can be the basis for further research in other areas of the capital market research, especially in the context of information efficiency.

Perlakuan Akuntansi Sumber Daya Manusia: Assets Sekaligus Investor Bagi Perusahaan

Directory of Open Access Journals (Sweden)

Sri Ningsih

2015-12-01

Full Text Available Human resources or called employee as a company asset to be one determinant of the success of the company (organization. Issue growing is that labor (human resources is not only the company's assets but also as owners and investors on its human capital to be invested in the company where he works (at work. This article tries to see how human resources can be considered as an asset for the company and when human resources can act as an investor of its human capital. This article also discusses the accounting treatment of human resources as company assets and the possibility of counting on human resources as human capital investor.    

Rebalancing for Long-Term Investors

NARCIS (Netherlands)

Driessen, Joost; Kuiper, Ivo

2017-01-01

In this study we show that the rebalance frequency of a multi-asset portfolio has only limited impact on the utility of a long-term passive investor. Although continuous rebalancing is optimal, the loss of a suboptimal strategy corresponds to up to only 30 basis points of the initial wealth of the

Online Broker Investors: Demographic Information, Investment Strategy, Portfolio Positions, and Trading Activity

OpenAIRE

Glaser, Markus

2003-01-01

It is often argued that the internet influences investor behavior. Furthermore, the recent 'bubble' in internet stocks is sometimes ascribed, at least in part, to online trading. However, little is known about how online investors actually behave. This paper contributes to fill this gap. A sample of approximately 3,000 online broker investors is studied over a 51 month period ending in April 2001. The main goal of this paper is to present various descriptive statistics on demographic informat...

Investor response to consumer elasticity

International Nuclear Information System (INIS)

Grenaa Jensen, Stine; Meibom, Peter; Ravn, H.F.; Straarup, Sarah

2004-01-01

In the Nordic electricity system there is considerable uncertainty with respect to the long-term development in production capacity. The process towards liberalisation of the electricity sector started in a situation with a large reserve margin, but this margin is gradually vanishing. Since the potential investors in new production capacity are unaccustomed with investments under the new regime it is unknown if and when investments will take place. The electricity price is the key market signal to potential investors. The price is settled as a balance between supply and demand, and it is generally assumed that the demand side has an important role in this, and increasingly so. However, since consumers have not earlier had the incentive to respond to electricity prices, no reliable estimate of demand elasticity is known. The purpose of the present study is to analyse the role of electricity demand elasticity for investments in new electricity production capacity. Electricity price scenarios generated with a partial equilibrium model (Balmorel) are combined with a model of investment decisions. In this, various scenarios concerning the development in the demand elasticity are used. The simulated investment decisions are taken in a stochastic, dynamic setting, where a key point is the timing of the investment decision in relation to the gathering of new information relative to the stochastic elements. Based on this, the consequences of the development in consumer price elasticity for investments in a base load and a peak load plant are investigated. The main result of the analysis is that peak load investments can be made unprofitable by the development in consumer price elasticity, such that an investor will tend to wait with his peak load investment, until the development in consumer price elasticity has been revealed. (au)

Investor Behavior and Flow-through Capability in the US Stock Market.

Science.gov (United States)

Cano, Carlos; Jareño, Francisco; Tolentino, Marta

2016-01-01

This paper analyzes investor behavior depending on the flow-through capability (FTC) in the US stock market, because investors seek protection from inflation rate changes, and the FTC (a firm's ability to transmit inflation shocks to the prices of its products and services) is a key factor in investment decisions. Our estimates of the FTC of firms listed on the US stock exchange at the sector level are significantly different among industries, and we demonstrate a direct relationship between changes in stock prices (at the sector level) and FTC. These results would be relevant because they have important implications on investor behavior.

Calisthenics with Words: The Effect of Readability and Investor Sophistication on Investors’ Performance Judgment

Directory of Open Access Journals (Sweden)

Xiao Carol Cui

2016-01-01

Full Text Available Since the 1990s, the SEC has advocated for financial disclosures to be in “plain English” so that they would be more readable and informative. Past research has shown that high readability is related to more extreme investor judgments of firm performance. Processing fluency is the prevalent theory to explain this: higher readability increases the investor’s subconscious reliance on the disclosure, so positive (negative news leads to more positive (negative judgments. The relationship may not be so simple, though: drawing on research from cognitive psychology, I predict and find that investor financial literacy simultaneously influences investor decision-making, and that it has an interactive effect with readability. When presented with financial disclosure containing conflicting financial information, investors with higher financial literacy make more negative judgments than investors with low financial literacy when the disclosure is easy to read, but the effect becomes insignificant when the disclosure becomes difficult to read. This effect is moderated by a comprehension gap between the two investor groups. Financial literacy and readability interact to impact both how and how well the investor processes financial information.

76 FR 22740 - Comment Request on Existing Private and Public Efforts To Educate Investors

Science.gov (United States)

2011-04-22

... Existing Private and Public Efforts To Educate Investors AGENCY: Securities and Exchange Commission. ACTION: Request for comment. SUMMARY: In connection with a study regarding financial literacy among investors as... private and public efforts to educate investors. DATES: Comments should be received on or before June 21...

Profit sharing between managers and investors: An experimental investigation

OpenAIRE

Ozturkkal, Belma

2015-01-01

This study analyzes the effect of interest and power structures and conflict of interest among managers and investors and tests the effect of different payout mechanisms on willingness to pay. In this study 74 student subjects are involved in a setting where the manager is determining his own compensation. A series of experiments that vary managers' ability to determine their own compensation and investors' ability to punish inappropriate behavior are reported. The experiments involve pairs o...

Pop Finance : Investment Clubs and the New Investor Populism

OpenAIRE

Harrington, B.

2008-01-01

During the 1990s, the United States underwent a dramatic transformation: investing in stocks, once the province of a privileged elite, became a mass activity involving more than half of Americans. Pop Finance follows the trajectory of this new market populism via the rise of investment clubs, through which millions of people across the socioeconomic spectrum became investors for the first time. As sociologist Brooke Harrington shows, these new investors pour billions of dollars annually into ...

On the behavior of mutual fund investors and managers

OpenAIRE

Goriaev, A.P.

2002-01-01

This thesis investigates empirically and theoretically the behavior of mutual fund investors and managers. These two aspects are closely related to each other. Investors try to select funds that follow an optimal investment policy from their point of view, while fund managers are typically interested in maximizing net fund inflows. In the first part of the thesis, we analyze the determinants of mutual fund flows, concentrating on the impact of past performance on fund flows. In particular, we...

Foreign Investors Able to Establish Foreign- exclusively Exhibition Corporations

Institute of Scientific and Technical Information of China (English)

2005-01-01

Foreign Investors Able to Establish Foreign-exclusively Exhibition Corporations In Feb, Ministry of Commerce issued its 1st decree on temporary regulation for foreign-investing corporations; the regulation allows foreign investors to set up foreign-investing convention & exhibition corporations exclusively or through cooperation with other Chinese corporations, enterprises or organizations. With legal protection on their regulatory management and legal rights, these foreign-investing corporations are in the charge of Department of Foreign Investment Administration, Ministry of Commerce.

7 CFR 1901.508 - Servicing of insured notes outstanding with investors.

Science.gov (United States)

2010-01-01

... 7 Agriculture 12 2010-01-01 2010-01-01 false Servicing of insured notes outstanding with investors. 1901.508 Section 1901.508 Agriculture Regulations of the Department of Agriculture (Continued) RURAL... Ownership and Insured Notes § 1901.508 Servicing of insured notes outstanding with investors. The Director...

13 CFR 107.1570 - Distributions by Licensee-optional Distribution to private investors and SBA.

Science.gov (United States)

2010-01-01

... Distribution to private investors and SBA. 107.1570 Section 107.1570 Business Credit and Assistance SMALL... private investors and SBA. If you have outstanding Participating Securities or Earmarked Assets, you may... and your private investors in proportion to the capital contributions of each. You must notify SBA of...

Liquidity, Investors and International Capital Markets

NARCIS (Netherlands)

D. Vagias

2013-01-01

textabstractThis dissertation consists of four empirical studies that seek to furnish a better understanding over liquidity’s broader implications in the decision-making process of investors, managers and regulators in international capital markets. Chapter 2 investigates the time-series as well as

Modeling investor sentiment and overconfidence in an agent-based stock market

NARCIS (Netherlands)

Lovric, M.; Kaymak, U.; Spronk, J.

2010-01-01

Agent-based stock markets as bottom-up models of financial markets allow us to study the link between individual investor behavior and aggregate market phenomena, and as such are a useful tool for investigating the implications of behavioral finance and investor psychology. In this paper we want to

Varant Yatırımcısının Volatilite Algısına Etki Eden Faktörler: BIST’de Ampirik Bir Uygulama(Factors Affecting the Volatility Perception of Warrant Investors: An Empirical Research on BIST

Directory of Open Access Journals (Sweden)

İsrafil ZOR

2013-12-01

Full Text Available The aim of the study is to determine the factors that affect the volatility perception of warrant investors. By using 3.187 daily data of 61 call warrants whose underlying asset is BIST-30 Index and traded on BIST in 2012, firstly efficient option pricing model for the related market is confirmed and then volatilities that equalizes the efficient model prices to market prices are calculated and regression analysis is applied to determine factors that affect the volatility. The results of the analysis are revealed that if the closing price of the underlying asset, the days to maturity of the warrant and Turkish Lira Interbank rate increase, the volatility perceived by investors will decrease. Also, there is positive relationship between the closing price of warrants and the perceived volatility. In addition perceived volatility is higher on Monday and first decrease in inflation after 4 months increase reduces the perceived volatility.

AWARENESS OF MUTUAL FUND INVESTMENT AMONG THE INVESTORS – AN EMPIRICAL STUDY

OpenAIRE

Dr. B. Ravi Kumar; R. Padma Malini

2017-01-01

Capital market has been strengthened due to because of increase in investment in mutual funds by small and medium investors. Most of the investors are having awareness about mutual funds and its benefits like tax benefits, less risk, cost etc. The mutual fund industry in India has undergone a most successful phase in the last 15 years. The growth in number of schemes offered by Indian mutual funds from 403 schemes in 2002-03 to 1294 schemes in 2011-12 has shown the inclination of investors to...

Investor herds and oil prices evidence in the Gulf Cooperation Council (GCC equity markets

Directory of Open Access Journals (Sweden)

Talat Ulussever

2017-09-01

Full Text Available This paper scrutinizes the effect of crude oil prices on herd behavior among investors in the Gulf Cooperation Council (GCC stock markets. Using firm level data from Saudi Arabia, Qatar, Oman, Kuwait, Bahrain, Dubai and Abu Dhabi stock exchanges, we examine equity return dispersions within industry portfolios and test whether investor herds exist in these markets. We then assess whether crude oil price movements have any effect on the investment behavior of traders in the aforementioned markets. Our findings reveal significant evidence supporting herd behavior in all GCC equity markets with the exception of Oman and Qatar, more consistently during periods of market losses. Furthermore, we find significant oil price effects on herd behavior in these markets, particularly during periods of extreme positive changes in the price of oil. Our findings suggest that investors’ tendency to act as a herd in the said markets is significantly affected by the developments in the oil market.

Investor-state tribunals and constitutional courts: The Mexican sweeteners saga

OpenAIRE

Puig, Sergio

2017-01-01

This article tackles the complex question of the relationship between international and domestic adjudicatory bodies. It does so by analyzing the debate between liberals and developmentalists over the effects of investor-state arbitration tribunals on domestic courts. For liberals, investor-state tribunals are a positive complement to domestic judicial institutionsfor their ability to "de-politicize" investment disputes, leading to economic policy stability that encourages foreign investment....

Investor Behavior and Flow-Through Capability in the US Stock Market

Directory of Open Access Journals (Sweden)

Carlos eCano

2016-05-01

Full Text Available This paper analyzes investor behavior depending on the flow-through capability in the US stock market, because investors seek protection from inflation rate changes, and the flow-through capability (a firm’s ability to transmit inflation shocks to the prices of its products and services is a key factor in investment decisions. Our estimates of the flow-through capability of firms listed on the US stock exchange at the sector level are significantly different among industries, and we demonstrate a direct relationship between changes in stock prices (at the sector level and flow-through capability. These results would be relevant because they have important implications on investor behavior.

A conceptual model of investor behavior

NARCIS (Netherlands)

Lovric, M.; Kaymak, U.; Spronk, J.; Nefti, S.; Gray, J.O.

2010-01-01

Behavioral finance is a subdiscipline of finance that uses insights from cogni tive and social psychology to enrich our knowledge of how investors make their financial decisions. Agent-based artificial financial markets are bottomup models of financial markets that start from the micro level of

Information and Heterogeneous Beliefs: Cost of Capital, Trading Volume, and Investor Welfare

DEFF Research Database (Denmark)

Christensen, Peter Ove; Qin, Zhenjiang

In an incomplete market setting with heterogeneous prior beliefs, we show that public information can have a substantial impact on the ex ante cost of capital, trading volume, and investor welfare. In a model with exponential utility investors and an asset with a normally distributed dividend...... information system. In an effectively complete market setting, in which investors do not need to trade dynamically in order to take full advantage of their differences in beliefs, the ex ante cost of capital and the investor welfare are both higher than in the incomplete market setting......, the Pareto efficient public information system is the system which enjoys the maximum ex ante cost of capital, and the maximum expected abnormal trading volume. The public information system facilitates improved dynamic trading opportunities based on heterogeneously updated posterior beliefs in order to take...

Information and Heterogeneous Beliefs: Cost of Capital, Trading Volume, and Investor Welfare

DEFF Research Database (Denmark)

Christensen, Peter Ove; Qin, Zhenjiang

information system. In an effectively complete market setting, in which investors do not need to trade dynamically in order to take full advantage of their differences in beliefs, the ex ante cost of capital and the investor welfare are both higher than in the incomplete market setting......In an incomplete market setting with heterogeneous prior beliefs, we show that public information can have a substantial impact on the ex ante cost of capital, trading volume, and investor welfare. In a model with exponential utility investors and an asset with a normally distributed dividend......, the Pareto efficient public information system is the system which enjoys the maximum ex ante cost of capital, and the maximum expected abnormal trading volume. The public information system facilitates improved dynamic trading opportunities based on heterogeneously updated posterior beliefs in order to take...

78 FR 24780 - 60-Day Notice of Proposed Information Collection: Nonimmigrant Treaty Trader/Investor Application

Science.gov (United States)

2013-04-26

...: Nonimmigrant Treaty Trader/Investor Application ACTION: Notice of request for public comment. SUMMARY: The... Information Collection: Nonimmigrant Treaty Trader/Investor Application. OMB Control Number: OMB-1405-0101... Number: DS-156E. Respondents: Nonimmigrant Treaty Trader/Investors. Estimated Number of Respondents: 17...

Institutional Investors as Minority Shareholders

OpenAIRE

Assaf Hamdani; Yishay Yafeh

2013-01-01

We examine the link between minority shareholders' rights and corporate governance by studying institutional investors' voting patterns in a concentrated ownership environment. Institutions rarely vote against insider-sponsored proposals even when the law empowers the minority. Institutions vote against compensation-related proposals more often than against related party transactions even when minority shareholders cannot influence outcomes. Potentially conflicted institutions are more likely...

Corporate Investors Increased Common Ownership In Hospitals And The Postacute Care And Hospice Sectors.

Science.gov (United States)

Fowler, Annabelle C; Grabowski, David C; Gambrel, Robert J; Huskamp, Haiden A; Stevenson, David G

2017-09-01

The sharing of investors across firms is a new antitrust focus because of its potential negative effects on competition. Historically, the ability to track common investors across the continuum of health care providers has been limited. Thus, little is known about common investor ownership structures that might exist across health care delivery systems and how these linkages have evolved over time. We used data from the Provider Enrollment, Chain, and Ownership System of the Centers for Medicare and Medicaid Services to identify common investor ownership linkages across the acute care, postacute care, and hospice sectors within the same geographic markets. To our knowledge, this study provides the first description of common investor ownership trends in these sectors. We found that the percentage of acute care hospitals having common investor ties to the postacute or hospice sectors increased from 24.6 percent in 2005 to 48.9 percent in 2015. These changes have important implications for antitrust, payment, and regulatory policies. Project HOPE—The People-to-People Health Foundation, Inc.

Determinants of primary market spreads on U.K. RMBS and it’s implications for investor reliance on credit ratings

NARCIS (Netherlands)

Fabozzi, F.; Vink, D.

2012-01-01

We provide empirical evidence about the credit factors that affect the pricing of newly issued residential mortgage-backed securities (RMBS) in the U.K. Our findings add an important element to the current debate by regulators throughout the world regarding whether investors rely exclusively on

Low Calorie Diet Affects Aging-Related Factors

Science.gov (United States)

... Current Issue Past Issues Research News From NIH Low Calorie Diet Affects Aging-Related Factors Past Issues / ... to learn more about the effects of sustained low-calorie diets in humans on factors affecting aging. ...

Small-scale nuclear fusion needs investors

International Nuclear Information System (INIS)

Kasteren, J. van.

1985-01-01

The only Dutch high-risk research company 'Convector' needs money. In the beginning of October, investors could put at most five million Dutch florins in a highly disputed project for the development of a thermonuclear reactor, based on the principle of globular lightnings. (G.J.P.)

Ambiguity Towards Multiple Historical Performance Information Signals: Evidence From Indonesian Open-Ended Mutual Fund Investors

OpenAIRE

Haris Pratama Loeis; Ruslan Prijadi

2015-01-01

This study focuses on the behavior of open-ended mutual fund investors when encountered with multiple information signals of mutual fund’s historical performance. The behavior of investors can be reflected on their decision to subscribe or redeem their funds from mutual funds. Moreover, we observe the presence of ambiguity within investors due to multiple information signals, and also their reaction towards it. Our finding shows that open-ended mutual fund investors do not only have sen...

Determinants of Individual Investor Behaviour: An Orthogonal Linear Transformation Approach

OpenAIRE

Chandra, Abhijeet; Kumar, Ravinder

2011-01-01

Expected utility theory views the individual investment decision as a tradeoff between immediate consumption and deferred consumption. But individuals do not always prefer according to the classical theory of economics. Recent studies on individual investor behavior have shown that they do not act in a rational manner, rather several factors influences their investment decisions in stock market. The present study considers this theory of irrationality of individual investors and investigates ...

Investor relations and information asymmetry

Directory of Open Access Journals (Sweden)

Sandrielem da Silva Rodrigues

2017-03-01

Full Text Available ABSTRACT Companies invest significant volumes of resources in investor relations (IR departments. The professionals working in the IR department are responsible for communication between the company and the market, so that the information generated is widely disseminated and understood by investors. In this context, this research aims to investigate whether there is evidence that the IR activity decreases information asymmetry between the company and the market. Specifically, we evaluate the hypothesis that Brazilian companies with IR websites classified as more informative have a reduced bid-ask spread (proxy for asymmetry. Therefore, this paper classifies the informative content from IR websites of Brazilian companies for the years 2013 and 2014 and relates the outcomes obtained with information asymmetry metrics. Initially, the estimation considers the pooled ordinary least squares (POLS model and, at a second moment, in order to mitigate potential endogeneity problems, the pooled two-stage least squares (2SLS model is used. The results indicate that more informative IR websites are able to decrease the bid-ask spread of Brazilian listed companies. This finding strongly encourages companies to provide information to stakeholders on well-structured IR websites of their own.

Strategic versus financial investors: The role of strategic objectives in financial contracting

NARCIS (Netherlands)

Arping, S.; Falconieri, S.

2009-01-01

Strategic investors, such as corporate venture capitalists, engage in the financing of start-up firms to complement their core businesses and to facilitate the internalization of externalities. We argue that while strategic objectives make it more worthwhile for an investor to elicit high

SATISFACTION OF RETAIL INVESTORS ON THE STRUCTURAL EFFICIENCY OF THE MARKET: EVIDENCE FROM A DEVELOPING COUNTRY CONTEXT

Directory of Open Access Journals (Sweden)

Mamunur Rashid

2009-01-01

Full Text Available Satisfied investors are a necessary element of the stock market. They help to finance rapid expansion in developing countries. This study explores the components of market structure that contribute to the satisfaction level of retail investors. Around 300 retail investors from 25 randomly selected brokerage houses registered with the Dhaka Stock Exchange, Bangladesh were surveyed using a structured questionnaire. Analyses reveal that most investors were young and inexperienced but educated, with shortages of skills and income. The investors put the strongest emphasis on effective investment analysis, followed by ease of the transaction process, effective information management and timely risk management. The trading experience of these investors was used as a moderating variable to investigate the impact of demographic variables and found to be insignificant. The study suggests the importance of effective regulation, disclosure requirements to ensure a supply of quality information, investor education and technology driven trading in brokerage houses for overall investor satisfaction.

Mergers, networking, and vertical integration: managed care and investor-owned hospitals.

Science.gov (United States)

Brown, M

1996-01-01

This article links the forces of managed care and investor-owned firms as major factors driving the industry toward consolidation into vertically integrated, merged firms, often financed with investor capital. This relentless pressure to build regional systems of health services has transformed the industry from a charitable, community orientation to one of business, market shares, and profits.

78 FR 47479 - 30-Day Notice of Proposed Information Collection: Nonimmigrant Treaty Trader/Investor Application

Science.gov (United States)

2013-08-05

...: Nonimmigrant Treaty Trader/Investor Application ACTION: Notice of request for public comment and submission to.../Investor Application OMB Control Number: OMB-1405-0101 Type of Request: Extension of a Currently Approved... Investor Estimated Number of Respondents: 41,752 Estimated Number of Responses: 41,752 Average Time per...

13 CFR 107.1240 - Funding of Licensee's draw request through sale to short-term investor.

Science.gov (United States)

2010-01-01

... through sale to short-term investor. 107.1240 Section 107.1240 Business Credit and Assistance SMALL...'s draw request through sale to short-term investor. (a) Licensee's authorization of SBA to arrange sale of securities to short-term investor. By submitting a request for a draw of Debenture or...

Investor sentiment, mutual fund flows and its impact on returns and volatility

NARCIS (Netherlands)

Lehnert, T.; Müller, A.; Frijns, B.P.M.; Beaumont, R.J.; Daele, M. van

2008-01-01

- Purpose – The purpose of this paper is to investigate the impact of individual investor sentiment on the return process and conditional volatility of three main US market indices (Dow Jones Industrial Average, S&P500 and Nasdaq100). Individual investor sentiment is measured by aggregate money

The effect of investor-owned chain acquisitions on hospital expenses and staffing.

Science.gov (United States)

Manheim, L M; Shortell, S M; McFall, S

1989-01-01

Much concern has been raised about the effect of "corporatization" of health through the expansion of investor-owned hospital chains. One method of expansion is through hospital acquisition. At issue is the question of the effect of acquisitions on expenses and on such patient care inputs as staffing levels. In this article, we examine the effect of acquisition by one investor-owned chain on hospital costs and staffing. Subsequent to acquisition, hospital costs increase and staffing decreases, relative to competitor hospitals. However, since investor-owned hospitals not recently acquired do not have higher cost levels than their competitors, the increase in costs appears to be due to factors associated with the acquisition itself rather than factors associated with being an investor-owned hospital. Under the retrospective payment system in effect at the time, revenues also were higher for acquired hospitals. Under prospective payment, increasing revenues has been more difficult, decreasing acquisition incentives. PMID:2807933

Warren Buffett, the intelligent investor

OpenAIRE

Popescu, D.

2010-01-01

Starting from the difficult economic conditions in Romania, the paper identifies the qualities of an intelligent investor on the background of the economic and financial crisis by presenting Warren Buffet’s strategy and action in the recent times. The conclusion is that Warren Buffet remains in the economic history as the most atypical capitalist that Americans have ever had and his behaviour could be successfully followed by the Romanian business men.

Ambiguity towards Multiple Historical Performance Information Signals: Evidence from Indonesian Open-Ended Mutual Fund Investors

Directory of Open Access Journals (Sweden)

Haris Pratama Loeis

2015-10-01

Full Text Available This study focuses on the behavior of open-ended mutual fund investors when encountered with multiple information signals of mutual fund’s historical performance. The behavior of investors can be reflected on their decision to subscribe or redeem their funds from mutual funds. Moreover, we observe the presence of ambiguity within investors due to multiple information signals, and also their reaction towards it. Our finding shows that open-ended mutual fund investors do not only have sensitivity towards past performance information signals, but also have additional sensitivity towards the ambiguity of multiple information signals. Because of the presence of ambiguity, investors give more consideration to negative information signals and the worst information signal in their investment decisions. Normal 0 false false false EN-US X-NONE X-NONE

Intangible economy : How can investors deliver change in businesses? Lessons from nonprofit-business partnerships

OpenAIRE

Seitanidi, M M

2007-01-01

Investors traditionally prioritised tangible outcomes (money, land, machinery) in order to protect their financial assets. However, the intangible economy (trust, human resources, information, reputation) that co-exists draws attention to new expectations that request the continuous, active and within the public sphere involvement of investors in order to protect their assets by prioritising intangible resources. The paper argues that investors in intangible outcomes who aim to achieve c...

How Investor Structure Influences the Yield, Information Dissemination Efficiency, and Liquidity

Directory of Open Access Journals (Sweden)

Hongli Che

2014-01-01

Full Text Available This essay focuses on the investor structure of the stock index futures market and uses agent-based computational finance method to discuss how the volume-synchronized probability of informed trading (VPIN affects market absolute yield, information dissemination efficiency, and liquidity with different ratios of informed traders in the market. The result shows that the higher the proportion of informed traders is, the more the volatility of the market is. Furthermore, the result indicates that when the proportion of informed traders in the stock index futures market accounts for 1/3-1/2, the transparency and liquidity of the market will be better.

PRINCIPLES OF REPRESENTATING THE DICTIONARY OF INVESTOR RELATIONS TERMS

Directory of Open Access Journals (Sweden)

Sarangova Tatiana Apolinarievna

2013-05-01

Full Text Available This article treats the problems of identification of principles of representing the vocabulary of banking terms in the field Investor Relations. The main methods of the research are literary analysis and the statistic method. The research defines term and specifics “Investor Relations”, provides a clear demarcation of terms terminography and lexicography, describes the principles of representing the vocabulary of IR terms. Results of the research can be used by IR managers, employees of finance and investment companies and banks, interpreters, teachers, postgraduates and students of economy faculties in different courses of teaching.

Calisthenics with words: The effect of readability and investor sophistication on investors' performance judgment

OpenAIRE

Cui, Xiao Carol

2016-01-01

Since the 1990s, the SEC has advocated for financial disclosures to be in “plain English” so that they would be more readable and informative. Past research has shown that high readability is related to more extreme investor judgments of firm performance. Processing fluency is the prevalent theory to explain this: higher readability increases the investor’s subconscious reliance on the disclosure, so positive (negative) news leads to more positive (negative) judgments. The relationship may no...

Interest and Inflation Risk: Investor Behavior

Directory of Open Access Journals (Sweden)

María de la O eGonzález

2016-03-01

Full Text Available We examine investor behavior under interest and inflation risk in different scenarios. To that end, we analyze the relation between stock returns and unexpected changes in nominal and real interest rates and inflation for the US stock market. This relation is examined in detail by breaking the results down from the US stock market level to sector, sub-sector and to individual industries as the ability of different industries to absorb unexpected changes in interest rates and inflation can vary by industry and by contraction and expansion sub-periods. While most significant relations are conventionally negative, some are consistently positive. This suggests some relevant implications on investor behavior. Thus, investments in industries with this positive relation can form a safe haven from unexpected changes in real and nominal interest rates. Gold has an insignificant beta during recessionary conditions hinting that Gold can be a safe haven during recessions. However, Gold also has a consistent negative relation to unexpected changes in inflation thereby damaging the claim that Gold is a hedge against inflation.

Interest and Inflation Risk: Investor Behavior

Science.gov (United States)

González, María de la O; Jareño, Francisco; Skinner, Frank S.

2016-01-01

We examine investor behavior under interest and inflation risk in different scenarios. To that end, we analyze the relation between stock returns and unexpected changes in nominal and real interest rates and inflation for the US stock market. This relation is examined in detail by breaking the results down from the US stock market level to sector, sub-sector, and to individual industries as the ability of different industries to absorb unexpected changes in interest rates and inflation can vary by industry and by contraction and expansion sub-periods. While most significant relations are conventionally negative, some are consistently positive. This suggests some relevant implications on investor behavior. Thus, investments in industries with this positive relation can form a safe haven from unexpected changes in real and nominal interest rates. Gold has an insignificant beta during recessionary conditions hinting that Gold can be a safe haven during recessions. However, Gold also has a consistent negative relation to unexpected changes in inflation thereby damaging the claim that Gold is a hedge against inflation. PMID:27047418

Interest and Inflation Risk: Investor Behavior.

Science.gov (United States)

González, María de la O; Jareño, Francisco; Skinner, Frank S

2016-01-01

We examine investor behavior under interest and inflation risk in different scenarios. To that end, we analyze the relation between stock returns and unexpected changes in nominal and real interest rates and inflation for the US stock market. This relation is examined in detail by breaking the results down from the US stock market level to sector, sub-sector, and to individual industries as the ability of different industries to absorb unexpected changes in interest rates and inflation can vary by industry and by contraction and expansion sub-periods. While most significant relations are conventionally negative, some are consistently positive. This suggests some relevant implications on investor behavior. Thus, investments in industries with this positive relation can form a safe haven from unexpected changes in real and nominal interest rates. Gold has an insignificant beta during recessionary conditions hinting that Gold can be a safe haven during recessions. However, Gold also has a consistent negative relation to unexpected changes in inflation thereby damaging the claim that Gold is a hedge against inflation.

The company you keep: spreading effects of financial fraud on investor trust.

Science.gov (United States)

Bernet, Patrick Michael; Getzen, Thomas E

2007-01-01

Investor trust is valuable to health care organizations. Without it, they may face higher capital costs. This study explores recent cases of fraud and the appearance of impropriety by health care organizations, focusing on the manners in which trust was violated, the systems that allowed those violations, and the effects on financial markets. Increases in the incidence and scale of such transgressions may be harbingers of worse times ahead. This article examines how recent events have affected the cost of capital, and what health care organizations can do to avoid being judged by the company they keep.

Predicting Individual Investors- Intention to Invest: An Experimental Analysis of Attitude as a Mediator

OpenAIRE

Azwadi Ali

2011-01-01

The survival of publicly listed companies largely depends on their stocks being liquidly traded. This goal can be achieved when new investors are attracted to invest on companies- stocks. Among different groups of investors, individual investors are generally less able to objectively evaluate companies- risks and returns, and tend to be emotionally biased in their investing decisions. Therefore their decisions may be formed as a result of perceived risks and returns, and ...

78 FR 30346 - Financial Investors Trust and Hanson McClain Strategic Advisors, Inc.; Notice of Application

Science.gov (United States)

2013-05-22

...] Financial Investors Trust and Hanson McClain Strategic Advisors, Inc.; Notice of Application May 15, 2013... instruments. Applicants: Financial Investors Trust (the ``Trust''), on behalf of the Pathway Advisors... consistent with the public interest and the protection of investors. Applicants seek an exemption under...

Warren Buffett, the intelligent investor

Directory of Open Access Journals (Sweden)

Popescu, D.

2010-12-01

Full Text Available Starting from the difficult economic conditions in Romania, the paper identifies the qualities of an intelligent investor on the background of the economic and financial crisis by presenting Warren Buffet’s strategy and action in the recent times. The conclusion is that Warren Buffet remains in the economic history as the most atypical capitalist that Americans have ever had and his behaviour could be successfully followed by the Romanian business men.

Pengaruh Perilaku Follower Investor pada Volatilitas Saham

Directory of Open Access Journals (Sweden)

Made Dewi Ayu Untari

2017-02-01

Full Text Available The purposes of this study are to obtain emperical evidence about the influence of followers investor’s behaviour to the stock volatility and analyze the difference offollowers investor’s betweenindustry sectors producing raw materials,manufacture industry and service industry in the Indonesia Stock Exchange (BEI, during the market crash happened in Indonesia. The population number are 507 companies, while the total sample of 247 companies. Sampling technique used purposive sampling. The analysis technique used was a cross-sectional absolute Deviation (CSADand test One Way ANOVA with Post Hoc Test and Least Significant Difference (LSD. Data shows that the behavior of follower investors has positive effect on the volatility of the current stock market crash occurs. Meanwhile, there was no difference in behavior between the follower investor industrial sectors producing raw materials, the manufacturing sector and the service sector when  the market crash.

Analysis of Ineffectiveness Arising in “Investor-government” Relations

Directory of Open Access Journals (Sweden)

Dmytro B. Sokolovskyi

2015-09-01

Full Text Available Purpose: This article deals with the problem of forming Pareto non-optimal norms of mutual behavior of investors and government in the process of decision-making related to financing designed to reduce risks in investment activity. Methodology: Considering the interdependent type (nature of interactions between related parties, game theory tools were used to model such interactions. Much attention was directed to search for  parameters of interaction leading to certain Nash equilibriums in pure strategies. The formal results obtained with the model were verified by statistical analysis. Findings: Analysis showed that the rational behavior of related parties can lead to unexpected results. Powerful investors will aim to work in socially-oriented economies, whereas primarily small investors will operate in most liberal economies with a minimum tax burden but with a higher level of risk. As for governments’ behaviors, the images are the same: small economies tend to liberalize their tax systems and to secure investment faster than powerful ones. Empirical verification based on statistical data of groups of countries generally confirmed the conclusions. These formal and logical conclusions were from statistical analysis of 124 countries divided into 5 groups: OECD countries, post-socialist countries, Latin American countries, APAC countries and ACP countries. Provided that the more powerful ones are covered economies, there was stronger interdependence between the size of economies and tax burden and also between total investment and tax burden, where this dependence is positive. Originality: The results obtained used Nash equilibriums in pure strategies as models of behavioral norms to define behaviors of related parties and also to explain assumptions concerning the behaviors of investors and government.

Market Segmentation, Information Asymmetry and Investor Responses in the Chinese A- and B- Markets

Directory of Open Access Journals (Sweden)

Juan Yao

2014-03-01

Full Text Available This paper examines changes in returns and trading volumes around earnings announcements for firms which have both A-shares (traditionally for local investors only and B-shares (traditionally for foreign investors only in China. It considers the impact of regulatory changes which reduced the segmentation of local and foreign investors across the two classes of shares. We find that both the A- and B-markets experience significant price changes around earning announcements. When the two markets are fully segmented, the magnitude of price changes in the A-share market are significantly smaller than the B-market which lends empirical support to the previous claim that the B-market is less informed. The changes in trading volume indicate that the B-market investors have less divergent expectations and interpretations of the pre-disclosure information compared to the A-market investors.However, when regulatory changes reduced the level of segmentation, the price and volume reactions in the two markets became more consistent. The results suggest that the A- and Bmarkets are more integrated as a result of the regulatory changes.

Loss Aversion: A Comparison of Investment Decision Making Between Individual Investors and Pension Funds in Brazil

Directory of Open Access Journals (Sweden)

William Eid Junior

2009-08-01

Full Text Available This article compares the application of a loss aversion utility function with a traditional Von Neumann-Morgenstern utility function aiming to test whether the first form of utility could better replicate the actual behavior of Brazilian investors concerning the choice of optimum investment portfolio. The results generated by both functions, in terms of stock market participation in the optimum investment portfolio, are compared with real aggregate data from two types of Brazilian investors (pension funds and individual investors. The analysis indicates that: i the traditional utility function should be rejected as an adequate model to replicate Brazilian individual investors behavior in the stock market; and ii Brazilian individual investors behavior are better replicated by a loss aversion utility function.

Short-horizon regulation for long-term investors

NARCIS (Netherlands)

Shi, Z.; Werker, B.J.M.

2012-01-01

We study the effects of imposing repeated short-horizon regulatory constraints on long-term investors. We show that Value-at-Risk and Expected Shortfall constraints, when imposed dynamically, lead to similar optimal portfolios and wealth distributions. We also show that, in utility terms, the costs

Climate finance, climate investors and assets for low emission development

Directory of Open Access Journals (Sweden)

Collins C Ngwakwe

2015-05-01

Full Text Available This research examines the relationship between climate finance, growth in climate investors and growth in climate assets for low emission development. It also evaluates the effect of climate policy evolution on the growth of climate investors and climate assets. Adopting a positivist paradigm, the paper makes use of a quantitative research approach and applies the causal and correlational research design. The paper made use of secondary data from the World Bank Carbon Finance Unit and from the Carbon Disclosure Project (ADP. The major objective was to examine the combined effect of climate finance and climate policy on the growth of carbon investors and carbon assets for the companies in the Carbon Disclosure Project which includes the 100 JSE companies. Findings from the test reveal that the combined effect of growth in climate finance and climate policy evolution has a significant relationship with growth in climate investors and climate assets. Given this result the paper proceeded to examine if the growth in climate finance has any correlation with South Africa’s emission reduction trend. Results however indicate that South Africa’s GHG emission trend does not correlate with climate finance availability; GHG emissions in South Africa have continued to soar despite a seeming growth in climate finance. The paper reasoned that the global climate finance might not be effectively available to corporates in South Africa at the expected level of financing to initiate the expected level of climate investment to effect a significant reduction in greenhouse gas emissions. This confirms literature assertions that global climate finance might not easily be accessible, at least to entities in developing countries. In conclusion, the paper suggests the establishment of a Southern African Climate Finance pool where the public and private sector can contribute and that such pool should be made easily available to carbon investors at a cheap rate with

On the relationship between investor sentiment, VIX and trading volume.

Directory of Open Access Journals (Sweden)

Simon Man Shing So

2015-11-01

Full Text Available As noise traders affect stock market by trading, sentiment, as a signal of noise, may have relationships with trading volume. This paper explores the effect of sentiment on the stock market’s trading volume. Increase in Volatility Index (VIX can explain the percentage increase in trading volume, but only in high VIX period. Besides, higher level of VIX is likely to be associated with greater variability of trading volume. The noise traders add liquidity to the market and provide more chances for investors to time their trade as the volatility of liquidity increases. These two kinds of impact lower rational investors’ required return. The noise traders not only drive the price deviating from fundamental value, but also influence the liquidity dimensions.

13 CFR 107.1550 - Distributions by Licensee-permitted “tax Distributions” to private investors and SBA.

Science.gov (United States)

2010-01-01

...-permitted âtax Distributionsâ to private investors and SBA. 107.1550 Section 107.1550 Business Credit and... Distributions” to private investors and SBA. If you have outstanding Participating Securities or Earmarked... purposes, you may make “tax Distributions” to your investors in accordance with this § 107.1550, whether or...

Behaviour of Follower Investor in the Formation of Stock’s Price on Market Crash

OpenAIRE

I Gusti Ayu Nyoman Budiasih; Made Dewi Ayu Untari; I Made Sadha Suardikha; I Ketut Suryanawa

2017-01-01

This study is aimed to get empirical evidence about the indications of behavior of follower investor in the formation of stock's prices in the Indonesian Stock Exchange (BEI) when the event market crash occured. As well as aiming to analyze whether the behavior of follower investor can be called irrational behavior by looking at the difference in behavior of follower investor on each sector in IDX. This study uses secondary data in the form of stock's closing price and Indonesia Composite Ind...

Generating capital: improving investor confidence in Ontario's electricity industry to induce new generation investment

International Nuclear Information System (INIS)

Van Beers, R.

2004-01-01

This paper is a critical discussion on improving investor confidence in Ontario's electricity industry to induce new generation investment. The reason that investor confidence is critical in the electric power industry is due to the fact that the industry is capital intensive, the asset life is long, it is impossible to model political/regulatory risk and political action is virtually inevitable. The paper concludes that ultimately private sector investors will bear little risk, the tax payer will be on the hook for almost all risk

Disadvantageous Situation of Retail Investors in Equity Crowdfunding

Institute of Scientific and Technical Information of China (English)

Shuanglong Wan

2017-01-01

This essay focuses on the onerous situation of retail investors in the proliferating equity crowdfunding. It points out and explains in detail four aspects of situation: insufficient information, misleading information, weak bargaining power and low liqui

Risk Measurement of Equity Markets and Private Investor Behaviour

Directory of Open Access Journals (Sweden)

Stanislav Škapa

2013-11-01

Full Text Available Purpose of this article: The aim of this paper is to evaluate and determine risk profile of equities markets and conclude consequency for private investor portfolios. There is summarized broad issue of risk measuremen with a focuse on downside risk measurement principle and giving into context with expected utility theory and loss aversion theory. Methodology/methods: The suitable statistical methods (mainly robust statistical methods have been used for estimation of selected characteristics and ratios. There is used a computer intensive method (a bootstrap method for estimating risk characteristics for equity markets, indicators and ratios. Scientific aim: The main scientific aim is to use a complex of more sophisticated and theoretically advanced statistical techniques and apply them on on the finding of the expected utility theory and the loss aversion theory. Findings: A main finding should be reckon a using of results of loss aversion theory applied into empirical evidence of risk profile of equity markets which led to the finding that more reliable and more suitable evaluation of risk of equity markets is downside risk and Sortino ratio from the perpective of private investor. Conclusion: Using downside risk measurement is revealing as it lays bare the “true” risk of investing in stock markets mainly for risk averse private investors. A bootstrap method with down side risk metric can evaluate risk in more appropriate way, and it is also more suitable if statistical characteristics do not fulfil a normal distribution assumption (mostly because of fat tails or outliers. And lastly in general, investors in emerging market (e.g. Visegrad´s countries are rewarded with higher return, but if things go wrong, the damage can be severe and detrimental to performance.

75 FR 58012 - 30-Day Notice of Proposed Information Collection: DS-156E Nonimmigrant Treaty Trader/Investor...

Science.gov (United States)

2010-09-23

... Information Collection: DS-156E Nonimmigrant Treaty Trader/Investor Application ACTION: Notice of request for... Collection: Nonimmigrant Treaty Trader/Investor Application. OMB Control Number: 1405-0101. Type of Request... State (CA/VO). Form Number: DS-156E. Respondents: Nonimmigrant treaty trader/investor visa applicants...

75 FR 25910 - 60-Day Notice of Proposed Information Collection: DS-156E, Nonimmigrant Treaty Trader/Investor...

Science.gov (United States)

2010-05-10

..., Nonimmigrant Treaty Trader/Investor Application, OMB Control Number 1405-0101 ACTION: Notice of request for...: Nonimmigrant Treaty Trader/Investor Application. OMB Control Number: 1405-0101. Type of Request: Extension of a...) Form Number: DS-156E. Respondents: Nonimmigrant treaty trader/investor visa applicants. Estimated...

Risk reduction of international mining projects by means of investor consortia and diversification of external financing

International Nuclear Information System (INIS)

Kirchner, C.

1982-01-01

Investors and creditors of international mining projects bear specific risks which may be reduced by means of forming investor and financing consortia. Risk is defined for each actor separately. Project risk and investor risk respectively credit risk are useful categories in order to analyze risk reduction. In each case formation of consortia has a positive influence on the economic viability of the project, and thus reduces the project risk. Furthermore, formation of consortia leads to better compliance of the host country of the mining project with the project and financing agreements. Thus, investor and credit risk may be reduced. (orig.) [de

PENGARUH ILLUSIONS OF CONTROL, OVERCONFIDENCE DAN EMOTION TERHADAP PENGAMBILAN KEPUTUSAN INVESTASI PADA INVESTOR DI YOGYAKARTA

OpenAIRE

Kartini, Kartini; Nugraha, Nuris Firmansyah

2015-01-01

Nowadays Investors often make investment decision irrationally. The decision is often based on their judgment that is far away from rational assumption. When investors face risky situa-tion, there are some objectivities, emotions, and other psychological factors that usually ef-fect their decision making. This purpose of study is to examine the effect of illusions of control, risk tolerance, overconfidence and emotion on investment decision making among investors in yogyakarta. Sample of this...

Relating group size and posting activity of an online community of financial investors: Regularities and seasonal patterns

Science.gov (United States)

Racca, P.; Casarin, R.; Dondio, P.; Squazzoni, F.

2018-03-01

Group size can potentially affect collective activity and individual propensity to contribute to collective goods. Mancur Olson, in his Logic of Collective Action, argued that individual contribution to a collective good tends to be lower in groups of large size. Today, online communication platforms represent an interesting ground to study such collaborative dynamics under possibly different conditions (e.g., lower costs related to gather and share information). This paper examines the relationship between group size and activity in an online financial forum, where users invest time in sharing news, analysis and comments with other investors. We looked at about 24 million messages shared in more than ten years in the finanzaonline.com online forum. We found that the relationship between the number of active users and the number of posts shared by those users is of the power type (with exponent α > 1) and is subject to periodic fluctuations, mostly driven by hour-of-the-day and day-of-the-week effects. The daily patterns of the exponent showed a divergence between working week and weekend days. In general, the exponent was lower before noon, where investors are typically interested in market news, higher in the late afternoon, where markets are closing and investors need better understanding of the situation. Further research is needed, especially at the micro level, to dissect the mechanisms behind these regularities.

What are retail investors' risk-return preferences towards renewable energy projects? A choice experiment in Germany

International Nuclear Information System (INIS)

Salm, Sarah; Hille, Stefanie Lena; Wüstenhagen, Rolf

2016-01-01

Citizens own nearly half the renewable energy generation capacity in Germany and have been important drivers of the country's energy transition. In contrast to citizens' important role in financing renewable energies, the energy policy and economics literature has traditionally focused on other investors, such as incumbent energy firms. To close this gap, this paper reports on a large-scale survey of 1,990 German retail investors. Conducting a choice experiment with the subset of 1,041 respondents who expressed an interest in investing in community renewable energy projects, we present a unique dataset allowing for new insights in risk-return expectations of retail investors. We find that apart from return on investment, respondents are particularly sensitive to the minimum holding period and the issuer of community renewable energy investment offerings. A minimum holding period of 10 years implies a risk premium of 2.76% points. A subsequent segmentation analysis shows that two groups of potential community renewable energy investors with different risk-return expectations can be identified: “local patriots” and “yield investors”. In contrast to professional investors, a majority of retail investors use simple decision rules such as calculating payback time or relying on their gut feeling when making investments. - Highlights: • Out of 1,990 retail investors surveyed, 1,041 express interest to invest in renewables. • Two target segments are identified, “local patriots” and “yield investors”. • “Local patriots” are willing to forgo return on investment in local projects. • Solar photovoltaic is most popular technology, followed by wind and small hydro. • Majority of investors use simple payback calculation or decide intuitively.

The role of investor protection in corporate governance and accounting harmonization: Cross-country analysis in Asia

Directory of Open Access Journals (Sweden)

Ratna Wardhani

2015-08-01

Full Text Available The purpose of this research is to analyze the effect of law system for investor protection on implementation of corporate governance at company level and degree of convergence of local accounting standards to IFRS (International Financial Reporting Standards. The result shows that investor protection has positive effect on implementation of corporate governance and degree of convergence of local standard to IFRS. The evidence is consistent with the argument that firm can establish law environment well for their own, but the quality of corporate investor protection via implementation of corporate governance mechanisms will depend on efficiency of judicial system of the country where the firm operates; and the quality of accounting standard in one country is a signal of country’s commitment to investor protection in order to provide good protection for its investor; a country will tend to adopt higher quality of accounting standard to ensure financial reporting transparency. This indicates that investor protection can be the key to the quality of other governance mechanisms, both at institutional level such as accounting standards, and also at firm level such as corporate governance implementation.

The investor behavior and futures market volatility A theory and empirical study based on the OLG model and high-frequency data

Institute of Scientific and Technical Information of China (English)

Yun Wang; Renhai Hua; Zongcheng Zhang

2011-01-01

Purpose-The purpose of this paper is to examine whether the futures volatility could attect the investor behavior and what trading strategy different investors could adopt when they meet different information conditions.Design/methodology/approach-This study introduces a two-period overlapping generation model (OLG) model into the future market and set the investor behavior model based on the future contract price,which can also be extended to complete and incomplete information.It provides the equilibrium solution and uses cuprum tick data in SHFE to conduct the empirical analysis.Findings-The two-period OLG model based on the future market is consistent with the practical situation;second,the sufficient information investors such as institutional adopt reversal trading patterns generally;last,the insufficient information investors such as individual investors adopt momentum trading patterns in general.Research limitations/implications-Investor trading behavior is always an important issue in the behavioral finance and market supervision,but the related research is scarce.Practical implications-The conclusion shows that the investors' behavior in Chinese future market is different from the Chinese stock market.Originality/value-This study empirically analyzes and verifies the different types of trading strategies investors could;investors such as institutional ones adopt reversal trading patterns generally;while investors such as individual investors adopt momentum trading patterns in general.

Behaviour of Follower Investor in the Formation of Stock’s Price on Market Crash

Directory of Open Access Journals (Sweden)

I Gusti Ayu Nyoman Budiasih

2017-09-01

Full Text Available This study is aimed to get empirical evidence about the indications of behavior of follower investor in the formation of stock’s prices in the Indonesian Stock Exchange (BEI when the event market crash occured. As well as aiming to analyze whether the behavior of follower investor can be called irrational behavior by looking at the difference in behavior of follower investor on each sector in IDX. This study uses secondary data in the form of stock’s closing price and Indonesia Composite Index (IHSG companies listed on the BEI Stock Exchange during 2010-2013 by accessing the website www.idx.co.id, www.finance.yahoo.com, and www.ksei.co.id. Total populations are 507 companies, while the total samples are 350 companies. The analysis technique used is Cross-sectional Absolute Deviation (CSAD to detect the behavior of follower investor in the formation of stock price and One Way ANOVA test with Post Hoc Test and Least Significant Difference (LSD to analyze the irrationallity in follower investor’s behavior. The analysis showed that there were indications follower investor’s behavior in the stock’s price formation and proved that behavior of follower investor is an irrational behavior.

Do Investor Preferences Drive Corporate Dividend Policy?

Directory of Open Access Journals (Sweden)

Konieczka Przemysław

2014-10-01

Full Text Available This research paper aims at assessing whether managers adapt their dividend policies to the changing preferences of investors, as predicted by the catering theory of dividends. To answer this question, we used an modified approach based on the method proposed by Baker and Wurgler [2004a] in their studies on dividend catering.

Investors flock back as WPC casts glow

International Nuclear Information System (INIS)

Stonehouse, D.

2000-01-01

A reversal of investment capital from Internet companies to oil companies representing real value is the 'talk of the town' at the 16. World Petroleum Congress taking place in Calgary in June 2000. Market analysts are inspired by rising oil prices and prospects of long-term strength on the continental North American market for natural gas, and the noticeable change in the recently fashionable attitude among investors to concentrate on promise and aspiration and returning to the realities of true performance, namely of delivering real products to real consumers and making real profits in the process. As an unmistakable indication of this trend, it was pointed out that in recent weeks the Peters Energy 100 Index of Canadian oil and gas stocks climbed almost twice as fast as the TSE 300. This, combined with new fields, new technologies increasing recoverable reserves in mature fields, and the sustained growing demand for petroleum products, point to the industry's great potential which is not lost on experienced investors. As one industry leader observed 'fashions change, but reality always reasserts itself in the end.'

Pengungkapan Pro Forma, Mendukung atau Menyesatkan Investor?

Directory of Open Access Journals (Sweden)

Yohanis Rura

2010-12-01

Full Text Available Pro forma is originated from Latin. It contains different meaning depends on which discipline it is used. In accounting, pro forma disclosure is used to show effect of important transaction which occurs after the end of periods, or which occurs during period but not fully reflected in historical cost financial statement of a firm. Pro forma disclosure has the objective to support (but might mislead investor in decision making focused on particular influence of important transaction. Company with low GAAP profit information; less profitable company and has higher level of debt but more liquid, whose P-E ratio and market to book is higher than other companies in the industry; has the tendency to do pro forma disclosure. Pro forma disclosure has been supported by several theories such as: efficient market theory, catering theory, agency theory, signaling theory, and stakeholder theory. However, there are problems in reporting pro forma figures. There is no standard to it. Therefore, information on pro forma disclosure might also mislead less sophisticated investor.

The Effect of Ownership Structure and Investor Protection on Firm Value: Analyst Following as Moderating Variable

Directory of Open Access Journals (Sweden)

Desi Susilawati

2017-12-01

Full Text Available The research related to the association between structure ownership and the firm value is a discussion about corporate governance which is still has contradictory conclusion and mixed result. It indicates open question that needs empirical evidence. The influence of concentrated ownership on firm value still brought conflict of interest so the role of analyst following can be stated as an alternative of corporate governance mechanism (Lang et al., 2004. The objectives of this research are to examine the interaction effect between concentrated ownership and analyst following, and the effect of investor protection toward firm value in five Asian companies. Asia is chosen because it has unique characteristic, in term of corporates ownership structure which is more concentrated on families and board of governance is weak (Choi, 2003. The data is consisting of 7.100 firm year observations obtained from Bloomberg and OSIRIS database for the period 2011-2013 in five Asian Countries, i.e. China, South Korea,  Malaysia, Taiwan, and Thailand. Multiple Regression analysis is used to test hypotheses. The results show that concentrated ownership is positively affects the firm value. However, there is no empirical evidence that the interaction of concentrated ownership and analyst following positively affect the firm value. As hypothesized, this research also shows that investor protection has negative impact on firm’s value.

Pure Contagion and Investors Shifting Risk Appetite; Analytical Issues and Empirical Evidence

OpenAIRE

Manmohan S. Kumar; Avinash Persaud

2001-01-01

This paper discusses a "pure" form of financial contagion, unrelated to economic fundamentals - investors' shifting appetite for risk. It provides an analytical framework for identifying changes in investors' risk appetite and discusses whether it is possible to directly measure them in a way that can enable policy makers to differentiate between financial contagion and domestic fundamentals as the immediate source of a crisis. Daily measures of risk appetite are computed and their usefulness...

Investor Attrition and Fund Flows in Mutual Funds

DEFF Research Database (Denmark)

Christoffersen, Susan E. K.; Xu, Haoyu

2017-01-01

We explore the properties of equity mutual funds that experience a loss of assets after poor performance. We document that both inflows and outflows are less sensitive to performance, because performance-sensitive investors leave or decide not to invest after bad performance. Consistent with the ...

Can large long-term investors capture illiquidity premiums

NARCIS (Netherlands)

de Jong, F.C.J.M.; Driessen, J.J.A.G.

2015-01-01

In this paper we perform a literature study to assess whether large long-term investors can benefit from liquidity premiums in different asset classes. We both describe the theoretical predictions on liquidity premiums and portfolio choice with illiquidity, as well as empirical evidence on liquidity

A behavioral analysis of investor diversification

OpenAIRE

Fuertes, A.; Muradoglu, G.; Ozturkkal, B.

2014-01-01

This paper studies the link between individual investors’ portfolio diversification levels and various personal traits that proxy informational advantages and overconfidence. The analysis is based on objective data from the largest Turkish brokerage house tracking 59,951 individual investors’ accounts with a total of 3,248,654 million transactions over the period 2008–2010. Wealthier, highly educated, older investors working in the finance sector and those trading relatively often show higher...

Rural poor economies and foreign investors: an opportunity or a risk?

Directory of Open Access Journals (Sweden)

Angelo Antoci

Full Text Available In the current age of commercial and financial openness, remote and poor local economies are becoming increasingly exposed to inflows of external capital. The new investors - enjoying lower credit constraints than local dwellers - might play a propulsive role in local development. At the same time, inflows of external capital can have negative impacts on local natural resource-dependent activities. We analyze a two-sector model where both sectors damage the environment, but only that of domestic producers relies on natural resources. We assess under which conditions the coexistence of the two sectors is compatible with sustainability, defined as convergence to a stationary state characterized by a positive stock of the natural resource. Moreover, we find that capital inflows can be stimulated by an increase in the pollution intensity of incoming activities, but also in the pollution intensity of the domestic sector; in both cases, capital inflows generate environmental degradation and a decrease in welfare for the local population. Finally, we show that a reduction in the cost of capital for external investors and the consequent capital inflows have the effect to increase wages, local investments and welfare of the local populations only if the environmental impact of the external sector is relatively low with respect to that of local activities. Otherwise, an unexpected scenario characterized by a reduction in domestic capital accumulation and the impoverishment of local agents can occur.

Solar feed-in tariffs in a post-grid parity world: The role of risk, investor diversity and business models

International Nuclear Information System (INIS)

Karneyeva, Yuliya; Wüstenhagen, Rolf

2017-01-01

Over the past decade, feed-in tariffs have spurred significant deployment of solar photovoltaics in Germany and other countries. With recent cost trends, several countries are approaching retail grid parity. Some policymakers conclude that now is the time to remove feed-in tariffs, as grid parity creates a self-sustaining market, where economically rational investors will invest even in the absence of government incentives. Recent experience in key European solar markets, however, shows that with the advent of grid parity and the reduction of feed-in tariffs, investment in new solar capacity has decreased rather than increased, making it questionable whether low-carbon energy policy targets will be reached. We conduct a cross-case study analysis of three PV markets – Germany, Italy and Switzerland – to investigate the role of feed-in tariffs for the near- and post-grid parity stages of diffusion, accounting for investor diversity and distinguishing between implications for revenue-based and savings-based business models. We find that recent market trends are strongly driven by increased levels of risk, especially policy risk and exposure to revenue risk. We therefore suggest that relatively frugal but stable policy environments may be conducive to further growth of investment in photovoltaics and minimize cost to society. - Highlights: • Cost reductions of PV have led countries to move away from secure feed-in tariffs. • Exposure to higher risk reduces investment in PV deployment. • Revenue-based and savings-based business models are affected differently by risk. • Corporate, institutional and retail investors differ in their cost of capital. • If PV investor diversity shall be maintained, some risk mitigation is needed.

The Impact of Investor Demand on Security Offerings

NARCIS (Netherlands)

E. Duca (Eric)

2011-01-01

textabstractThe studies in this thesis contribute to a growing stream of papers showing that capital structure decisions are not only influenced by corporate determinants, but also by fluctuations in investor tastes and capital available for investment. This is a relatively new way of looking at

Financial impacts of nonutility power purchases on investor-owned electric utilities

Energy Technology Data Exchange (ETDEWEB)

1994-06-01

To assist in its these responsibilities in the area of electric power, EIA has prepared this report, Financial Impacts of Nonutility Power Purchases on Investor-Owned Electric Utilities. The primary purpose of this report is to provide an overview of the issues surrounding the financial impacts of nonutility generation contracts (since the passage of the Public Utility Regulatory Policies Act of 1978) on investor-owned utilities. The existing concern in this area is manifest in the provisions of Section 712 of the Energy Policy Act of 1992, which required State regulatory commissions to evaluate various aspects of long-term power purchase contracts, including their impact on investor-owned utilities` cost of capital and rates charged to customers. The EIA does not take positions on policy questions. The EIA`s responsibility is to provide timely, high quality information and to perform objective, credible analyses in support of the deliberations by both public and private decision-makers. Accordingly, this report does not purport to represent the policy positions of the US Department of Energy or the Administration.

Financial impacts of nonutility power purchases on investor-owned electric utilities

International Nuclear Information System (INIS)

1994-01-01

To assist in its these responsibilities in the area of electric power, EIA has prepared this report, Financial Impacts of Nonutility Power Purchases on Investor-Owned Electric Utilities. The primary purpose of this report is to provide an overview of the issues surrounding the financial impacts of nonutility generation contracts (since the passage of the Public Utility Regulatory Policies Act of 1978) on investor-owned utilities. The existing concern in this area is manifest in the provisions of Section 712 of the Energy Policy Act of 1992, which required State regulatory commissions to evaluate various aspects of long-term power purchase contracts, including their impact on investor-owned utilities' cost of capital and rates charged to customers. The EIA does not take positions on policy questions. The EIA's responsibility is to provide timely, high quality information and to perform objective, credible analyses in support of the deliberations by both public and private decision-makers. Accordingly, this report does not purport to represent the policy positions of the US Department of Energy or the Administration

75 FR 14644 - Gemini Investors IV, L.P., Notice Seeking Exemption Under Section 312 of the Small Business...

Science.gov (United States)

2010-03-26

... SMALL BUSINESS ADMINISTRATION [License No. 01/01-0410] Gemini Investors IV, L.P., Notice Seeking... given that Gemini Investors IV, L.P., 20 William Street, Wellesley, MA 02481, a Federal Licensee under... Regulations (13 CFR 107.730). Gemini Investors IV, L.P. proposes to provide equity and debt financing to...

Wallenbergide Investor jätkab kasvustrateegiat / Olev Mait Makk

Index Scriptorium Estoniae

Makk, Olev Mait

2001-01-01

Wallenbergide kontrollitavast Rootsi investeerimisfirmast Investor, mille omanduses olevad firmad moodustavad kokku Euroopa suurima tööandja erasektoris. Investori gruppi kuuluvast ettevõttest SEB. Tabel: Investori portfellis olevad aktsiad; investori teenused tütarettevõtetele

Genreanalyse af Investor Relations Newsletters. En teoretisk og empirisk baseret genreanalyse af tyske Investor Relations nyhedsbreve med fokus på identifikation og adskillelse af funktionelle træk

DEFF Research Database (Denmark)

Pedersen, Anne Grethe Julius

2007-01-01

on corporate websites and addressed primarily to investors. The aim of my PhD thesis is to propose an explanatory genre description of IR Newsletters concentrating on constitutive factors like contextual aspects incorporating communicative purposes, functional moves and lexicogrammatical features. The question......My PhD-thesis focuses on genre analysis within the field of German applied linguistics, with the emphasis on the identification of functional moves in Investor Relations (IR) newsletters from chemical companies in Germany. IR newsletters are offered as an email subscription-based service...

How Severe Was the Impact of the Financial Crisis on Individual Investor Perceptions and Behavior?

NARCIS (Netherlands)

Hoffmann, A.; Post, T.; Pennings, J.M.E.

2011-01-01

Abstract: Based on a unique combination of monthly survey data and matching trading records, we examine how individual investor perceptions change and drive trading and risk-taking behavior during the 2007–2009 financial crisis. Investor perceptions fluctuate significantly, with risk tolerance and

Do Investors Learn About Analyst Accuracy?

OpenAIRE

Chang, Charles; Daouk, Hazem; Wang, Albert

2008-01-01

We study the impact of analyst forecasts on prices to determine whether investors learn about analyst accuracy. Our test market is the crude oil futures market. Prices rise when analysts forecast a decrease (increase) in crude supplies. In the 15 minutes following supply realizations, prices rise (fall) when forecasts have been too high (low). In both the initial price action relative to forecasts and in the subsequent reaction relative to realized forecast errors, the price response is stron...

Institutional investors' reaction to SEC concerns about IFRS and US GAAP reporting

OpenAIRE

Miles, Gietzmann; Helena, Isidro

2013-01-01

For the period of 2006 to 2008, we collect Comment Letters issued by the SEC that question the application of US GAAP by US firms or the application of IFRS by European firms registered with the SEC. We investigate whether institutional investors react to the letters by changing their holdings and whether their responses vary for US registrants and European registrants. We do this via a treatment-effects model in which we test the hypothesis that institutional investors rebalance their portfo...

Attractiveness of Serbian retail industry for foreign investors with reference to the company Delhaize Group

Directory of Open Access Journals (Sweden)

Stankov Biljana

2016-01-01

Full Text Available Trade in Serbia is a very attractive economic area for foreign investors. After the manufacturing sector, this area attracted the most foreign investors in the recent years. By participating in macroeconomic indicators of the Serbian economy, trade contributes to the intensification of country's economic growth and development and FDI inflows increase, and thus the promotion of capital accumulation. Since 2000 when Serbia faced more intensive coming of foreign investors, retail industry attracted a significant number of foreign investors. Apart from bringing fresh capital, these investors contributed to the development of modern forms of retail trade, as well as the reorientation of retailers who are now increasingly concerned about the needs and wishes of consumer. As a result, they put aside the range and characteristics of the products they sell. One of the biggest foreign investors in Serbia, and certainly the most powerful participant in the retail market, Delhaize Group is a company based in Belgium. Recognizing the benefits of retail trade in Serbia, as well as excellent prospects of its future development, Delhaize Group took advantage of a favorable opportunity and invested in the purchase of the retail chain Delta Maxi, a former regional leader. Consequently, it achieved the biggest market share and enter into competition with other powerful companies such as Agrokor, Mercator and Metro. Delhaize Group is certainly a leading retailer of food and other products in Southeast Europe and in the United States, but it also appears to be a leader of sustainable and ethical business in its field.

Maximizing your wind farm development value in the eyes of the investor

International Nuclear Information System (INIS)

McGarrigle, P.

2010-01-01

While there are now a significant number of wind power projects on the market, few buyers have access to sufficient capital funds to build. This PowerPoint presentation discussed methods of maximizing the value of wind farm development projects in order to attract investors. The poor investment climate was attributed to low power and natural gas prices, as well as to the high cost of wind farms and a shortage of capital. Factors that influence the value of a wind power project included the quality of the asset, project risks, project size, and the stage of development. Developers must demonstrate to investors that transmission access is ensured, that there is sufficient stakeholder support and adequate wind resources. The ability to develop and expand on an initial project should also be demonstrated. Investors require documentation in relation to transmission information, stakeholder consultation work, and constraint maps with industry standard setbacks. Information must be consistent and credible. The use of qualified, experienced consultants was recommended. tabs., figs.

Maximizing your wind farm development value in the eyes of the investor

Energy Technology Data Exchange (ETDEWEB)

McGarrigle, P. [Solas Energy Consulting Inc., Calgary, AB (Canada)

2010-07-01

While there are now a significant number of wind power projects on the market, few buyers have access to sufficient capital funds to build. This PowerPoint presentation discussed methods of maximizing the value of wind farm development projects in order to attract investors. The poor investment climate was attributed to low power and natural gas prices, as well as to the high cost of wind farms and a shortage of capital. Factors that influence the value of a wind power project included the quality of the asset, project risks, project size, and the stage of development. Developers must demonstrate to investors that transmission access is ensured, that there is sufficient stakeholder support and adequate wind resources. The ability to develop and expand on an initial project should also be demonstrated. Investors require documentation in relation to transmission information, stakeholder consultation work, and constraint maps with industry standard setbacks. Information must be consistent and credible. The use of qualified, experienced consultants was recommended. tabs., figs.

Investors flock back as WPC casts glow

Energy Technology Data Exchange (ETDEWEB)

Stonehouse, D.

2000-06-19

A reversal of investment capital from Internet companies to oil companies representing real value is the 'talk of the town' at the 16. World Petroleum Congress taking place in Calgary in June 2000. Market analysts are inspired by rising oil prices and prospects of long-term strength on the continental North American market for natural gas, and the noticeable change in the recently fashionable attitude among investors to concentrate on promise and aspiration and returning to the realities of true performance, namely of delivering real products to real consumers and making real profits in the process. As an unmistakable indication of this trend, it was pointed out that in recent weeks the Peters Energy 100 Index of Canadian oil and gas stocks climbed almost twice as fast as the TSE 300. This, combined with new fields, new technologies increasing recoverable reserves in mature fields, and the sustained growing demand for petroleum products, point to the industry's great potential which is not lost on experienced investors. As one industry leader observed 'fashions change, but reality always reasserts itself in the end.'.

Interpretasi Investor Non-Profesional atas Implementasi International Financial Reporting Standard (IFRS 8 dan Pernyataan Standar Akuntansi Keuangan (PSAK 5 dalam Perspektif Framing Information

Directory of Open Access Journals (Sweden)

Erni Suryandari

2016-12-01

Full Text Available This study attemps to determines the effects of variable implementation of IFRS 8 which differs in IFRS 8 positive frame, IFRS 8 negative frame, PSAK 5 positive frame, and PSAK 5 negative frame toward non profesional investor’s interpretation. This experiment study is an experiment with factorial design 2x2 between subject. The subject is 120 participants from accounting undergraduate students of Muhammadiyah Yogyakarta University as a subtitute of non professional investors. Data analysis used to test hypotetical result is multiple regression with additional analysis using SPSS ver. 16. The results show that segment information in IFRS 8 with positive frame positive and significantly affect non professional investor’s interpretation than those in PSAK 5 with positive frame. In contrast, segment information in PSAK 5 with negative frame positive and significantly affect non professional investor’s interpretation than those in IFRS 8 with negative frame. This study proves that assessment and individu interpretation can be affected by framing and Prospect Theory plays a role in option choosing and the assessment. There is no difference in interpretation by investor non professional when the information given such as difference format

Hedge Funds as Investors of Last Resort?

OpenAIRE

David J. Brophy; Paige P. Ouimet; Clemens Sialm

2009-01-01

Hedge funds have become important investors in public companies raising equity privately. Hedge funds tend to finance companies that have poor fundamentals and pronounced information asymmetries. To compensate for these shortcomings, hedge funds protect themselves by requiring substantial discounts, negotiating repricing rights, and entering into short positions of the underlying stocks. We find that companies that obtain financing from hedge funds significantly underperform companies that ob...

Carbon disclosure project report 2006 : Canada 280 on behalf of 225 investors with assets of $31 trillion

Energy Technology Data Exchange (ETDEWEB)

Greenall, D. [Conference Board of Canada, Ottawa, ON (Canada)

2006-10-15

The Conference Board of Canada carried out the Canadian component of the fourth annual Carbon Disclosure Project (CDP). Climate change is a topical issue for investors and financial institutions such as pension funds, asset management firms, banks and insurance companies that want to assess the carbon exposure and risk profiles of their investment. This report outlined recent climate-change developments in Canada and examined the state of disclosure of greenhouse gas (GHG) emissions of 280 Canadian companies and the implications for investors and corporations. In February 2006, on behalf of its 225 signatory investors, CDP requested information on corporate risks and opportunities associated with climate change from more than 2,000 companies globally. This report described the steps that respondent companies are taking to address climate change. A methodology was also presented to guide investors who want to determine a company's net carbon risk. It was noted that although awareness of the risks and opportunities posed by climate change has grown significantly among investors, it has not translated into widespread planning and action by Canada's largest companies. It was emphasized that if the negative impacts of climate change are to be avoided, investors will have to put CDP data to work. The $31.5 trillion in assets behind CDP4 includes $1 trillion by Canadian-based investors, a significant increase over the previous report. Sixty-three per cent of respondents provided data on annual GHG emissions. However, different measuring and reporting approaches made it difficult for investors to compare company emission profiles. The response from Canadian companies showed that large companies are responding to investor interests, particularly gas and electrical utilities and other carbon intensive companies in the forest products, petroleum and mining sectors. Canada compared well to the response rates of other jurisdictions, but forward-looking financial and

PERLINDUNGAN INVESTOR PASAR MODAL DALAM PERSPEKTIF LEGAL, DISCLOSURE DAN DIVIDEN DI BEBERAPA NEGARA

Directory of Open Access Journals (Sweden)

Wahyu Manuhara Putra

2016-02-01

Full Text Available Corporate governance gives certainty protection to shareholder and parties of creditor in investing at its company. Mechanism of corporate governance consisted of transparancy, disclosure and fairness. Corporate governance is key determinant and develope of  stock market, capital and ownership structure, dividend policy and control gain of privat. Purpose of this article is to explain protection of investor through mechanism disclosure, law and dividend in some countries. Result of some researches indicate that United States, English and Japan has high law level of protection for investor while indonesia still weakening. The disclosure  level broadness of financial information there is at United States, English and Japan. On The Contrary, Indonesia still less in disclosing its financial statements. The other result states that dividend payment policy indirectly relates to protection of investor, but influenced by law enforcement system and investment opportunitis.

An Analysis of the Mutual Fund Industry: Mutual Fund Investors, Mutual Fund Managers and Mutual Fund Companies

OpenAIRE

Fang, Jieyan

2012-01-01

In this dissertation I investigate the mutual fund industry, especially the three most important participants within this industry: mutual fund investors, mutual fund companies and mutual fund managers. The main research questions of this dissertation are: 1. Does rapid trading exist among German equity mutual fund investors? What are the determinants of rapid trading? Does rapid trading have a negative impact on mutual fund performance? 2. Do mutual fund investors, as a whole, have...

Predictive modelling for startup and investor relationship based on crowdfunding platform data

Science.gov (United States)

Alamsyah, Andry; Buono Asto Nugroho, Tri

2018-03-01

Crowdfunding platform is a place where startup shows off publicly their idea for the purpose to get their project funded. Crowdfunding platform such as Kickstarter are becoming popular today, it provides the efficient way for startup to get funded without liabilities, it also provides variety project category that can be participated. There is an available safety procedure to ensure achievable low-risk environment. The startup promoted project must accomplish their funded goal target. If they fail to reach the target, then there is no investment activity take place. It motivates startup to be more active to promote or disseminate their project idea and it also protect investor from losing money. The study objective is to predict the successfulness of proposed project and mapping investor trend using data mining framework. To achieve the objective, we proposed 3 models. First model is to predict whether a project is going to be successful or failed using K-Nearest Neighbour (KNN). Second model is to predict the number of successful project using Artificial Neural Network (ANN). Third model is to map the trend of investor in investing the project using K-Means clustering algorithm. KNN gives 99.04% model accuracy, while ANN best configuration gives 16-14-1 neuron layers and 0.2 learning rate, and K-Means gives 6 best separation clusters. The results of those models can help startup or investor to make decision regarding startup investment.

Comparison of efficiency and profitability of investor-owned multihospital systems with not-for-profit hospitals.

Science.gov (United States)

Sear, A M

1991-01-01

It is often assumed that investor-owned hospitals are more market driven than are not-for-profit hospitals, and that they will maximize output and minimize inputs, to the exclusion of other management strategies. To resolve the conflicting research evidence, this study analyzed efficiency and profitability measures for approximately 50 investor-owned and 60 not-for-profit hospitals in Florida for the period from 1982 through 1988. The results indicate that the investor-owned hospitals used significantly fewer FTE staff per bed, had significantly fewer manhours per adjusted patient day, and paid significantly less in wages and had significantly higher operating margins (profit) than did the not-for-profit institutions.

76 FR 2728 - Securities Investor Protection Corporation; Order Approving a Proposed Bylaw Change Relating to...

Science.gov (United States)

2011-01-14

... on SIPC Members January 10, 2011. On October 8, 2010, the Securities Investor Protection Corporation... pursuant to Section 3(e)(1) of the Securities Investor Protection Act of 1970 (``SIPA''), 15 U.S.C. 78ccc(e... SECURITIES AND EXCHANGE COMMISSION [Release No. SIPA-170; File No. SIPC-2010-01] Securities...

Investor Outlook: Focus on Upcoming LCA2 Gene Therapy Phase III Results.

Science.gov (United States)

Schimmer, Joshua; Breazzano, Steven

2015-09-01

Investor interest in gene therapy has increased substantially over the past few years, and the next major catalyst for the field is likely to be Spark Therapeutics's phase III trial for the treatment of visual impairment caused by RPE65 gene mutations (often referred to as Leber congenital amaurosis type 2, or LCA2, but may include other retinal disorders). Analysis of the approach from the basic genetics, underlying visual mechanisms, clinical data, and commercialization considerations helps frame investor expectations and the potential implications for the broader field.

Investor perceptions of nuclear power

International Nuclear Information System (INIS)

Hewlett, J.G.

1984-05-01

Evidence is provided that investor concerns about nuclear power have recently been reflected in the common stock returns of all utilities with such facilities and have resulted in a risk premium. In particular, over the 1978-1982 period, three nuclear-related events occurred at the same time as, and therefore appear to have caused, significant drops in the market values of nuclear utilities relative to their non-nuclear counterparts. The three events were as follows: the accident at TMI, which occurred in March 1979; the realization in the summer of 1980 that an accident of the magnitude of TMI could result in cleanup costs of over $1 billion, which are not completely insurable and could therefore result in substantial losses; and the summer 1982 decision by the Tennessee Valley Authority (TVA) to cancel some if its nuclear power plant construction projects, and the Nuclear Regulatory Commission (NRC) decision to stop work on the construction of the Zimmer reactor, followed by a warning that it might close the Indian Point 2 and 3 reactors. If an individual had invested $100 in an average nuclear utility on the day before the TMI accident and reinvested all dividends, the value of this investment would have fallen by 10% relative to an identical investment in the average non-nuclear utility. The risk of investments in nuclear power versus conventional generating technologies shows nuclear power to be a relatively risky investment. However, relative to all investments, nuclear power was less risky in terms of the type of risk that would cause investors to require a premium before purchasing their securities. 6 figures, 6 tables

MACROECONOMIC OUTLOOK THROUGH THE EYES OF INVESTORS: FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENT

OpenAIRE

Olivera Ecaterina OROS

2014-01-01

A country's economy growth is depending on the investments, either direct or indirect, made in it. Also, the level of the foreign direct investments is a relevant indicator for other potential investors. While lenders are looking at the financial statement to understand the company's ability to repay debt, the investors are looking at the financial statements to understand the company's ability to grow. The IASB's Conceptual framework for financial reporting offers a standardized model of fin...

75 FR 75711 - Securities Investor Protection Corporation; Notice of Filing of a Proposed Bylaw Change Relating...

Science.gov (United States)

2010-12-06

... Securities Investor Protection Corporation (``SIPC'') filed with the Securities and Exchange Commission... Members, Rel. No. SIPA-156, 56 FR 51952 (Oct. 16, 1991). \\6\\ Securities Investor Protection Corporation... SECURITIES AND EXCHANGE COMMISSION [Release No. SIPA-169; File No. SIPC-2010-01] Securities...

Investor Response to Appointment of Female CEOs and CFOs

NARCIS (Netherlands)

Scholtens, Lambertus; Brinkhuis, Eline

2018-01-01

We study the impact of appointing women to top executive positions from an investor perspective. We analyze whether shareholders value announcement of appointment of women to top positions differently than they do appointment of men. This study uses an international sample of 100 announcements of

Did the financial crisis lead to changes in private equity investor preferences regarding renewable energy and climate policies?

International Nuclear Information System (INIS)

Hofman, Daan M.; Huisman, Ronald

2012-01-01

examined the preferences of 60 clean-tech venture capital and private equity investors regarding renewable energy and climate policies in 2007. This paper presents the results of a research project that examined whether these investor preferences changed due to the financial crisis. We re-conducted that part of survey that focuses on the preferences for 12 market-pull policies. Comparing our results with those from 2007, we found that the popularity of 11 out of 12 policies decreased. The decrease was significant for those policies that involve subsidies and trade related schemes such as CO 2 emissions and green certificates trading. The decrease in the popularity of the policies was mainly the result of changes in the preferences of European investors, whereas the preferences of North American investors did not change noteworthy. - Highlights: ► We re-conducted a survey among clean-tech private equity and venture capital investors. ► We compare their preference for renewable energy and climate market-pull policies with survey results from 2006. ► We found a significant decrease in popularity for those policies such as subsidies and trade related schemes. ► Especially the preferences for renewable energy policies of European investors declined. ► The financial crises lead to a reduced preference for renewable energy policies.

A benchmarking framework to evaluate business climate change risks: A practical tool suitable for investors decision-making process

Directory of Open Access Journals (Sweden)

Nikolaos Demertzidis

2015-01-01

Full Text Available A fundamental concern for the investor community is to identify techniques which would allow them to evaluate and highlight the most probable financial risks that could affect the value of their asset portfolio. Traditional techniques primarily focus on estimating certain conventional social-economic factors and many fail to cover an array of climate change risks. A limited number of institutional documents present, to a somewhat limited extent, some general-defined types of business climate change risks, which are deemed most likely to influence the value of an investors’ portfolio. However, it is crucial that stakeholders of businesses and scholars consider a wider range of information so as to assist investors in their decision making. This paper aims at establishing a new framework to operationalize and quantify an array of business climate change risks to provide more comprehensive and tangible information on non-traditional risks. This framework relies on the benchmarking – scoring systems and Global Reporting Initiative (GRI guidelines, and is applied to various Greek businesses that are certified by Environmental Management and Audit Scheme (EMAS.

Payday for payers. Compensation of the top execs at investor-owned insurers outpaced that of the leaders at hospitals and specialty care.

Science.gov (United States)

Kutscher, Beth; Barr, Paul; Zigmond, Jessica

2012-08-13

Top executives at investor-owned hospital chains saw their compensation packages take a hit last year, amid the debt-ceiling crisis and concerns over how it might affect Medicare. Wayne Smith at Community Health Systems led the pack in that sector, with a $21 million payday, while Trevor Fetter, left, of Tenet, came in a distant second with $10.7 million.

Study on financial risk towards individual investor as strategy to improve urban community empowerment

Science.gov (United States)

Leon, F. M.; Aprilia, A.

2018-01-01

Investor will be always influenced by its risk tolerance when investing, each investor has own risk tolerance that differ to another, although this still being questioned until now. This research aimed to know the influence of demography factor in distinguish and classify Financial Risk Tolerance (FRT) and Financial Risk Taking Behavior (FRB) to individual investor. Methodology in this research is data that used as primary data which distributed by offline and online. The sample in this research is 642 respondents in Jakarta. Logistic regression is analyze method that used in this research. The research found that there is influence of gender, marital, status, education and income level to Financial Risk Tolerance (FRT) and Financial Risk Taking Behavior (FRB). For FRT significantly 0.000 for gender and marital status; 0.010 for education and 0.001 for income level. Whereas for FRB significantly 0.000 for gender; 0.003 for marital status and 0.010 for education level. The research contribution is crucial for financial advisor to notice the characteristic investor based on demography factor such as gender, marital, status, education level and income level. Therefore, this research able to give optional decision for appropriate investment to clients as ones of strategy to improve urban community empowerment.

MACROECONOMIC OUTLOOK THROUGH THE EYES OF INVESTORS: FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENT

Directory of Open Access Journals (Sweden)

Olivera Ecaterina OROS

2014-05-01

Full Text Available A country's economy growth is depending on the investments, either direct or indirect, made in it. Also, the level of the foreign direct investments is a relevant indicator for other potential investors. While lenders are looking at the financial statement to understand the company's ability to repay debt, the investors are looking at the financial statements to understand the company's ability to grow. The IASB's Conceptual framework for financial reporting offers a standardized model of financial statement that is about to change.

The Influence of Investor Number on a Microscopic Market Model

Science.gov (United States)

Hellthaler, T.

The stock market model of Levy, Persky, Solomon is simulated for much larger numbers of investors. While small markets can lead to realistically looking prices, the resulting prices of large markets oscillate smoothly in a semi-regular fashion.

Activism of Institutional Investors, Corporate Governance Alerts and Financial Performance

OpenAIRE

Jean-Sebastien Lantz; Sophie Montandrau; Jean-Michel Sahut

2014-01-01

Institutional investors are predominant on the financial markets and are becoming more active in their portfolio management. This article attempts to enhance our understanding of the incidence of shareholder activism on market reaction in the wake of seve

Should U.S. investors hold foreign stocks?

OpenAIRE

Asani Sarkar; Kai Li

2002-01-01

U.S. investors have traditionally been reluctant to acquire foreign securities_in part, perhaps, because they fear that restrictions on trading in foreign markets will sharply limit any gains they might realize from diversifying their portfolios. An analysis of the effects of one type of restriction, short-sale constraints, on stock returns between 1976 and 1999 suggests that investing in emerging market stocks offers substantial benefits even when a ban on short sales is in place.

Sovereign wealth funds as special international investors under global financial downfall

Directory of Open Access Journals (Sweden)

N. Drozd

2013-02-01

Full Text Available An overview of origin, functional orientation and characteristics of sovereign wealth funds is presented. Possibility and necessity of cooperation between Ukraine and such systemic investors is proven.

An investor perspective on forming and funding your medical device start-up.

Science.gov (United States)

Mas, Juan-Pablo; Hsueh, Brian

2017-06-01

Novel and transformative medical technologies of all forms have the potential to make a significant positive impact on the lives of patients and on the health care system, and one common pathway for guiding such innovations from concept through commercialization is via the formation of a company. For entrepreneurs looking to build a medical technology company, several common challenges await, including questions around how and where to raise funding. Here, we review key considerations for the formation of medical technology companies as viewed through the lens of an investor. We survey common sources of capital for early-stage companies, including grants, angel investors, and venture capital, and offer insights into how to differentiate among them to select the best partners for your start-up׳s needs. Finally, we discuss the critical components of pitching your ideas to potential investors, and offer guidance on best practices and common mistakes. We hope this primer on fundamental concepts and the various health care funding alternatives will prepare entrepreneurs to achieve their mission to improve patients׳ lives through commercialization of their medical innovations. Copyright © 2017 Elsevier Inc. All rights reserved.

Fewer ups and downs: daily stressors mediate age differences in negative affect.

Science.gov (United States)

Charles, Susan Turk; Luong, Gloria; Almeida, David M; Ryff, Carol; Sturm, Maggie; Love, Gayle

2010-05-01

The current study examined age differences in daily stressors, positive events (uplifts), and their associations with emotional experience among healthy older women. Women (N = 101, 63-93 years old) reported their daily experiences across 1 week. Older age was related to fewer stressors and less frequent negative affect. However, the association between negative affect and age was no longer significant after accounting for the occurrence of daily stressors. Older age was not significantly related to positive affect, although positive uplifts were reported less frequently with age. Findings provide a contextual explanation for emotional experience in very late life, where reduced exposure to stressors partially explains age-related reductions in negative affect.

Financial education, investor protection and international portfolio diversification

OpenAIRE

Maela Giofré

2012-01-01

This paper investigates the tension between regulation and financial education in explaining one of the major puzzles in international finance, that is the lack of international diversification. We show that both dimensions are relevant: higher investor’s financial education fosters international investment and stronger minority investor protection legislation attracts inward investment. More interestingly, these factors appear to be substitute in enhancing investor’s portfolio diversificatio...

Backward linkages from foreign investors to domestic firms

OpenAIRE

Apostolov, Mico

2016-01-01

The analysis of how to design policies to promote backward linkages would not be complete without introducing sound discovery into the debate. Foreign investors would naturally prefer to avoid creating rivals to their market position, aiming at horizontal positioning. But workers and managers often leave foreign plants to start up their own; local firms learn from watching the operations of foreigners. In the vertical direction, in cont...

Daily events are important for age differences in mean and duration for negative affect but not positive affect.

Science.gov (United States)

Charles, Susan T; Mogle, Jacqueline; Urban, Emily J; Almeida, David M

2016-11-01

Across midlife and into old age, older adults often report lower levels of negative affect and similar if not higher levels of positive affect than relatively younger adults. Researchers have offered a simple explanation for this result: Age is related to reductions in stressors and increases in pleasurable activities that result in higher levels of well-being. The current study examines subjective reports of emotional experience assessed across 8 days in a large sample of adults (N = 2,022) ranging from 35 to 84 years old. By modeling age differences before and after adjusting for daily positive uplifts and negative stressors, this article assesses the extent to which daily events account for age differences in positive and negative affect reports. Consistent with previous research, the authors found that older age is related to lower mean levels and shorter duration of a negative emotional experience in a model only adjusting for gender, education, and ethnicity. After adjusting for daily events, however, the linear age-related effects were no longer significant. For positive affect, adjusting for daily events did not alter age-related patterns of experiencing higher mean levels and longer positive experience duration, suggesting that other factors underlie age-related increases in positive affect. (PsycINFO Database Record (c) 2016 APA, all rights reserved).

78 FR 28273 - Alpine Investors IV SBIC, LP; Notice Seeking Exemption Under Section 312 of the Small Business...

Science.gov (United States)

2013-05-14

... SMALL BUSINESS ADMINISTRATION [License No. 09/09-0461] Alpine Investors IV SBIC, LP; Notice... hereby given that Alpine Investors IV SBIC, LP, 3 Embarcadero Center, Suite 2330, San Francisco, CA, a...'') Rules and [[Page 28274

Investor protection : towards additional EU regulation of investment funds?

NARCIS (Netherlands)

Wegman, Hanna Elisabeth

2016-01-01

The expansion of the fund industry has been one of the most notable trends in the financial markets of recent years. Not only has the demand for funds among EU investors grown, but both the number and types of investment funds also continue to increase. Since investment funds available in the EU can

Decrypting Financial Markets through E-Joint Attention Efforts: On-Line Adaptive Networks of Investors in Periods of Market Uncertainty

Science.gov (United States)

Casnici, Niccolò; Dondio, Pierpaolo; Casarin, Roberto; Squazzoni, Flaminio

2015-01-01

This paper looks at 800,000 messages on the Unicredit stock, exchanged by 7,500 investors in the Finanzaonline.com forum, between 2005 and 2012 and measured collective interpretations of stock market trends. We examined the correlation patterns between market uncertainty, bad news and investors' network structure by measuring the investors' communication patterns. Our results showed that the investors' network reacted to market trends in different ways: While less turbulent market phases implied less communication, higher market volatility generated more complex communication patterns. While the information content of messages was less technical in situations of uncertainty, bad news caused more informative messages only when market volatility was lower. This meant that bad news had a different impact on network behaviour, depending on market uncertainty. By measuring the investors' expertise, we found that their behaviour could help predict changes in daily stock returns. We also found that expert investors were more influential in communication processes during high volatility market phases, whereas they had less influence on the real-time forum's reaction after bad news. Our findings confirm the crucial role of e-communication platforms. However, they also show the need to reconsider the fragility of these collective intelligence systems when under external shocks. PMID:26244550

Foreign versus domestic institutional investors in emerging markets: Who contributes more to firm-specific information flow?

Directory of Open Access Journals (Sweden)

Jeong-Bon Kim

2015-03-01

Full Text Available Using a large sample of firms listed on the Korea Stock Exchange over 1998–2007, this study investigates whether and how trading by foreign and domestic institutional investors improves the extent to which firm-specific information is incorporated into stock prices, captured by stock price synchronicity. We find, first, that stock price synchronicity decreases significantly with the intensity of trading by foreign investors and domestic institutional investors. Second, trading by foreign investors facilitates the incorporation of firm-specific information into stock prices to a greater extent than trading by aggregate domestic institutions. Third, among domestic institutions with differing investment horizons, short-term investing institutions, such as securities and investment trust companies, play a more important role in incorporating firm-specific information into stock prices via their trading activities, compared with long-term investing institutions, such as banks and insurance companies. Finally, we provide evidence suggesting that trading by foreign and domestic short-term institutions reduces the extent of accrual mispricing. Our results are robust to a variety of sensitivity checks.

Underpricing, underperformance and overreaction in initial public offerings: Evidence from investor attention using online searches.

Science.gov (United States)

Vakrman, Tomas; Kristoufek, Ladislav

2015-01-01

Online activity of Internet users has proven very useful in modeling various phenomena across a wide range of scientific disciplines. In our study, we focus on two stylized facts or puzzles surrounding the initial public offerings (IPOs) - the underpricing and the long-term underperformance. Using the Internet searches on Google, we proxy the investor attention before and during the day of the offering to show that the high attention IPOs have different characteristics than the low attention ones. After controlling for various effects, we show that investor attention still remains a strong component of the high initial returns (the underpricing), primarily for the high sentiment periods. Moreover, we demonstrate that the investor attention partially explains the overoptimistic market reaction and thus also a part of the long-term underperformance.

A tale of values-driven and profit-seeking social investors

NARCIS (Netherlands)

Derwall, J.M.M.; Koedijk, C.G.; Ter Horst, J.R.

2011-01-01

The segmentation of the socially responsible investing (SRI) movement with a values-versus-profit orientation solves the puzzling evidence that both socially responsible and controversial stocks produce superior returns. We derive that the segment of values-driven investors primarily uses “negative”

17 CFR 240.15b5-1 - Extension of registration for purposes of the Securities Investor Protection Act of 1970 after...

Science.gov (United States)

2010-04-01

... purposes of the Securities Investor Protection Act of 1970 after cancellation or revocation. 240.15b5-1... purposes of the Securities Investor Protection Act of 1970 after cancellation or revocation. Commission... member within the meaning of Section 3(a)(2) of the Securities Investor Protection Act of 1970 for...

GOOD CORPORATE GOVERNANCE MECHANISMS IN MEASURING QUALITY OF FINANCIAL STATEMENTS AND TRANSFER INVESTOR LEVELS

OpenAIRE

Hani, Syafrida; UMSU, Hafsah

2017-01-01

ABSTRACTThis study aims to develop a theory of determining the quality of financial statement reports that can increase  investor  confidence  in  financial  information  presented  by management.  This  research would like to find the role of good corporate governance  in improving the quality of financial statements as measured by accounting conservatism and earnings management, then it will be seen how the quality ability of financial statement can influence investor confidence level. The ...

TVA, Abnormal Return, and Investor Perception on Changing of Tick Size 2 May 2016

Directory of Open Access Journals (Sweden)

Tri Gunarsih

2017-07-01

Full Text Available The objective of this study was to analyze the market reaction to the changing of capital market’s tick size regulation in May 2, 2016. The main goal of the regulation was to increase the capital market liquidity, then it’s important to test whether there was a difference in market liquidity before and after the regulation released. The method of this study was studying with Trading Volume Activity (TVA and abnormal return based on secondary data and also investor perception based on primary data. The secondary data consist of 65 samples of listed companies in Indonesia Stock Exchange. The primary data consist of 67 investors in Yogyakarta that were selected using purposive sampling method.The result of this study was mix, there was no difference before and after the release of regulation in TVA, but there was a difference in abnormal return. The result of investor perception shows that there was a positive response to the changing of tick size regulation.

76 FR 35245 - Country Investors Life Assurance Company, et al.

Science.gov (United States)

2011-06-16

... SECURITIES AND EXCHANGE COMMISSION [Release No. IC-29691; File No. 812-13865] Country Investors Life Assurance Company, et al. June 9, 2011. AGENCY: Securities and Exchange Commission (the ``Commission''). ACTION: Notice of application for an order pursuant to Section 26(c) of the Investment Company...

Overconfident investors in the LLS agent-based artificial financial market

NARCIS (Netherlands)

Lovric, M.; Kaymak, U.; Spronk, J.

2009-01-01

Agent-based artificial financial markets are bottom-up models of financial markets which explore the mapping from the micro level of individual investor behavior into the macro level of aggregate market phenomena. It has been recently recognized in the literature that such (agentbased) models are

Capital Market Theories: Market Efficiency Versus Investor Prospects

OpenAIRE

Kathleen Hodnett; Heng-Hsing Hsieh

2012-01-01

This paper reviews the development of capital market theories based on the assumption of capital market efficiency, which includes the efficient market hypothesis (EMH), modern portfolio theory (MPT), the capital asset pricing model (CAPM), the implications of MPT in asset allocation decisions, criticisms regarding the market portfolio and the development of the arbitrage pricing theory (APT). An alternative school of thought proposes that investors are irrational and that their trading behav...

Investigation into the risk perceptions of investors in the securities of nuclear-dependent electric utilities

International Nuclear Information System (INIS)

Spudeck, R.E.

1983-01-01

Two weeks prior to the Three Mile Island accident, March 15, 1979, the Nuclear Regulatory Commission ordered five operating nuclear plants shut down in order to reexamine safety standards in these plants. Reports in the popular and trade press during this time suggested that these events, particularly the accident at Three Mile Island, caused investors in the securities of electric utilities that had nuclear-generation facilities to revise their risk perceptions. This study was designed to examine the impact of both the Nuclear Regulatory Commission order and the accident at Three Mile Island on investor risk perceptions. Selected categories of electric utilities were chosen to examine any differential risk effects resulting from these events. An asset pricing model devoid of many of the restrictive assumptions of more familiar models was used to model investor behavior. The findings suggest that the events described did cause investors to revise upward their perceptions of systematic risk regarding different categories of electric utilities. More specifically, those electric utilities that were operating nuclear plants in 1979 experienced the largest and most sustained increase in systematic risk. However, electric utilities that in 1979 had no operating nuclear plants, but had planned and committed funds for nuclear plants in the future, also experienced increases in systematic risk

Heart Disease Affects Women of All Ages

Science.gov (United States)

Skip Navigation Bar Home Current Issue Past Issues Heart Disease Affects Women of All Ages Past Issues / Winter ... weeks of a heart attack. For Women with Heart Disease: About 6 million American women have coronary heart ...

Form and Function in Doing Business Rankings: is Investor Protection in Italy Still so Bad?

OpenAIRE

Luca Enriques; Matteo Gargantini

2016-01-01

The World Bank’s Doing Business Report (DBR) ranks every year numerous jurisdictions across the globe according to their ability to facilitate business activities. Among the indexes contributing to the definition of the global competitiveness of the legislations, the “Protecting investors index” (PII) measures the protection of minority shareholders in listed companies. In this paper, we analyse the DBR’s assessment of the Italian regulatory framework on investor protection. We find that the ...

50% of emergency oil and fuel stocks to be stored by investors

International Nuclear Information System (INIS)

Beer, G.

2004-01-01

The State Material Reserves Administration Office (SMRAO) plans to transfer the administration of about 50% of Slovakian's emergency oil and fuel stocks to investors. Private companies would help to build storage reservoirs and tanks that would allow the storage of strategic stocks to cover consumption in Slovakia for 90 days. The public procurement process is set to start at the end of this year. It should determine who will be awarded contracts for the next 20 years. Up to now, emergency stocks have been stored at Slovnaft, Transpetrol and SMRAO. The storage capacities of SMRAO no longer meet ecological standards. It is estimated that about 660 mil. Sk (16.58 mil. Eur) will be required for the storage capacities to meet the standards. The most expensive item will be the construction of new reservoirs. SMRAO expects this will cost at least 3 bill. Sk (75.35 mil. Eur). SMRAO chairman, Jan Tusim expects that private investors will welcome this opportunity. SMRAO plans to store 5 0% of stocks in private reservoirs and the remaining part in SMRAO reservoirs. Private investors will be obliged to fill the storage reservoirs and pay rent for their usage. The lowest running costs submitted by companies in the tender will determine the tender winner. (author)

Mean Reversion in Stock Prices: Implications for Long-Term Investors

NARCIS (Netherlands)

Spierdijk, L.; Bikker, J.A.

2012-01-01

This paper discusses the implications of mean reversion in stock prices for longterm investors such as pension funds. We start with a general definition of a meanreverting price process and explain how mean reversion in stock prices is related to mean reversion in stock returns. Subsequently, we

A study on the asymmetry of the news aspect of the stock market: Evidence from three institutional investors in the Taiwan stock market

Directory of Open Access Journals (Sweden)

Yang Tzu-Yi

2015-01-01

Full Text Available This paper uses daily data to investigate the behavior of institutional investors in Taiwan’s stock market. We adopted TGARCH and EGARCH models to test various news. We found that, for the entire sample, a significant clustering phenomenon exists in the investment behavior of three institutional investors, and the impact due to a change of news content shows significant asymmetry and leverage effects. That is, the impact of bad news from the market is stronger than that of good news. In addition, an asymmetric phenomenon can also be seen for the international news aspect as responded to by foreign institutional investors. This phenomenon is more significant than those of the dealers and institutional trust investors. Moreover, the asymmetric phenomenon as responded to by the dealers for domestic news is more significant than those of foreign investors and institutional trust investors.

THE GREGARIOUS BEHAVIOR OF INVESTORS FROM BALTIC STOCK MARKETS

Directory of Open Access Journals (Sweden)

Pece Andreea Maria

2015-07-01

Full Text Available The main objective of this research is to investigate market participants’ gregarious behaviour in Baltic stock markets, namely Lithuania, Latvia and Estonia during the period January 2003-December 2013. The herding behaviour derives from the investors’ irrationality, who trade financial assets based on their positive expectations about prices future growth, generating manias among other market participants, thus ignoring the real return rates and the risk levels of their investments.The investors’ irrational behaviour is influenced by actions, feelings and impulses that are intertwined: mimicry, fear, trust, greed, optimism, pessimism, euphoria, panic. These features highlight an erroneous perception of investors in point of unsustained increase in prices, which has been generated by the stock prices deviations from their fundamental value.Under these premises, optimism, overreaction and speculative bubbles are appearing on the market and may constitute triggering factors of a financial crash.The probability of the occurrence of the speculative bubbles and financial crashes is influenced by the continuous entry on the market of new investors and less informed participants, which often act based on impulse, following a benchmark, without considering their own analysis and information that they hold. The existence of a “collective behaviour” of the investors, which is manifested by their tendency to imitate other market participants actions and to “follow the herd”, so ignoring their own beliefs, may increase market sensitivity to shocks and the probability of the occurrence of the systemic risk.In order to identify the investors’ herding behaviour, I have applied an adjusted CSSD model proposed by (Yao, Ma, Peng He, 2014, which implies the inclusion of two additional variables, the first one, to reduce the effect of multicollinearity and a second one, a lag term of the dependent variable, in order to improve the power of the

Investor's and procurement guide South Africa. Pt. 1. Heavy minerals, rare earth elements, antimony

International Nuclear Information System (INIS)

Graupner, Torsten; Schwarz-Schampera, Ulrich; Hammond, Napoleon Q.; Opperman, Rehan; Long'a Tongu, Elisa; Kenan, Abdul O.; Nondula, Unathi; Tsanwani, Matamba

2014-01-01

This is the first part of the ''Investor's and Procurement Guide South Africa'', a handbook for investing and doing business in South Africa's mineral industry. It is anticipated that this publication will aid potential investors into considering South Africa as an investment destination, not only for raw materials, but also for related industries. This manual supplements the many publications available on the economic geology and mineral wealth in South Africa and has been designed to guide prospective and current investors, suppliers and mine equipment exporters through the process of doing business in Africa's biggest and dynamic economy. As well as detailing the mineral raw materials heavy minerals, rare-earth metals and antimony, the handbook provides a general introduction to South Africa and its infrastructure, the economical, political and judicial frame of the South African mining industry and an overview of the economic geology. South Africa has a long and complex geological history which dates back in excess of 3.6 billion years. The country has a vast mineral wealth, undoubtedly due to the fact that a significant proportion of the Archaean and younger rocks have been preserved. The mining of the enormous Witwatersrand gold deposits, commencing in 1886, has led to the establishment of South Africa's well-developed infrastructure and to the sustained growth of an industrial and service sector in the country. With the world's largest resources of PGMs, gold, chromite, vanadium and manganese and significant resources of iron, coal and numerous other minerals and metals, the minerals industry will continue to play a pivotal role in the growth of South Africa's economy in the foreseeable future. South Africa is one of the top destinations in Africa for foreign direct investments. South African headquartered companies have been major investors into foreign direct investments on the African continent in the past decade. Investing in South African companies

SENSITIVITY OF THE INVESTOR'S TOWARDS STOCK MARKET INVESTMENT

OpenAIRE

M. Jaya

2017-01-01

Investment in stock market has become a common phenomenon for all the individuals. The growth of stock market contributes to national economic growth only when this growth translates into increased mobilization of resources, return from investment, and minimizing the risk attached to stock market investment. This survey has been conducted to find out the stock market investment pattern and risk diversification of retail equity investors. A well structured questionnaire which is pilot teste...

Investment barriers and incentives for marine renewable energy in the UK: An analysis of investor preferences

International Nuclear Information System (INIS)

Leete, Simeon; Xu, Jingjing; Wheeler, David

2013-01-01

Deployment of marine renewable energy (MRE) in the UK is desirable in order to address climate change, meet mandatory EU renewable energy targets and provide significant economic development opportunities, including new export markets. Public funding constraints in the UK mean that substantial investment is required from the private sector to commercialize the industry. By focussing on investor attitudes and behaviours towards wave and tidal technologies, this paper reveals significant observations from the investment community with serious implications for the future of the MRE industry. Through a series of in-depth interviews with individuals from the investment community, device developers and industry support, the research seeks to identify common barriers and incentives to investment. The paper demonstrates that although investors' attitudes are generally aligned, they do appear to have changed over time. Of the participants that had previously invested in early stage MRE device development, none were likely to do so again. It is concluded that this is a function of investors' greater understanding of the scale, and unpredictability of the costs, and the length of time required to develop these technologies. This presents a significant policy challenge for all actors interested in the commercialization of wave and tidal technologies. - Highlights: • Performed a series of in-depth interviews with senior finance and industry actors. • Examined investor attitudes and policy preferences that may encourage investment. • VC investors are currently disinclined to invest in early stage device development. • Policy instability, level of capital and revenue support are key investment barriers. • Commercialization requires strategic government and industrial partner investment

CEO compensation, family control, and institutional investors in Continental Europe

NARCIS (Netherlands)

Croci, Ettore; Gonenc, Halit; Ozkan, Neslihan

2012-01-01

This paper investigates the impact of family control and institutional investors on CEO pay packages in Continental Europe, using a dataset of 754 listed firms with 3731 firm-year observations from 14 countries during 2001-2008. We find that family control curbs the level of CEO total and cash

77 FR 76356 - Disclosure to Investors in System-wide and Consolidated Bank Debt Obligations of the Farm Credit...

Science.gov (United States)

2012-12-28

... FARM CREDIT ADMINISTRATION 12 CFR Part 630 RIN 3052-AC77 Disclosure to Investors in System-wide and Consolidated Bank Debt Obligations of the Farm Credit System; System Audit Committee; Effective... Corporation System Audit Committee and the Farm Credit System annual report to investors. In accordance with...

Investor Reaction to Market Surprises on the Istanbul Stock Exchange Investor Reaction to Market Surprises on the Istanbul Stock Exchange = İstanbul Menkul Kıymetler Borsasında Piyasa Sürprizlerine Yatırımcı Tepkisi

Directory of Open Access Journals (Sweden)

Yaman Ömer ERZURUMLU

2011-08-01

Full Text Available This paper examines the reaction of investors to the arrival of unexpected information on the Istanbul Stock Exchange. The empirical results suggest that the investor reaction following unexpected news on the ISE100 is consistent with Overreaction Hypothesis especially after unfavorable market surprises. Interestingly such pattern does not exist for ISE30 index which includes more liquid and informationally efficient securities. A possible implication of this study for investors is that employing a semi contrarian investment strategy of buying losers in ISE100 may generate superior returns. Moreover, results are supportive of the last regulation change of Capital Market Board of Turkey which mandates more disclosure regarding the trading of less liquid stocks with lower market capitalization.

Nascent ventures competing for start-up capital: matching reputations and investors

NARCIS (Netherlands)

Ebbers, J.J.; Wijnberg, N.M.

2012-01-01

Although nascent ventures have not yet developed a performance-based reputation, the individual reputations of their founders, based on the performance of their earlier ventures, can function as important signals to investors. Selection system theory distinguishes between different types of

A Portrait of Hedge Fund Investors: Flows, Performance and Smart Money

NARCIS (Netherlands)

G. Baquero; M.J.C.M. Verbeek (Marno)

2005-01-01

textabstractWe explore the flow-performance interrelation by explicitly separating the investment and divestment decisions of hedge fund investors. The results show that different determinants and evaluation horizons underlie both decisions. While money inflows are sensitive to past long-run

Investor decisions through the lens of behavioral economics

Directory of Open Access Journals (Sweden)

David S. Murphy

2013-07-01

Full Text Available Traditional economic theory postulates that people are rational. This implies that people make decisions to maximize their utility functions and to do this, that they have fully and correctly evaluated their preferences and limitations. Behavioral economics recognizes that this is not always true, that sometimes information is incomplete. This article is examines some of the effects of behavioral economics (which come largely from cognitive psychology in decision-making by investors in the stock exchanges.

Investor Sentiment and Corporate Finance: Micro and Macro

OpenAIRE

Owen A. Lamont; Jeremy C. Stein

2006-01-01

We document that net equity issuance is considerably more sensitive to aggregate stock returns and Q's than to firm-level stock returns and Q's. Very similar patterns also emerge when we look at merger activity. In light of earlier work (Campbell 1991, Vuolteenaho 2002) which finds that aggregate stock returns are less informative about future cashflows than are firm-level stock returns--and thus, potentially more strongly influenced by investor sentiment--these results suggest that both equi...

Equilibrium in Securities Markets with Heterogeneous Investors and Unspanned Income Risk

DEFF Research Database (Denmark)

Christensen, Peter Ove; Larsen, Kasper; Munk, Claus

-free rate (and the expected stock return) is lower in the economy with unspanned income risk due to an increased demand for precautionary savings. The reduction in the risk-free rate is highest when the more risk-averse investors face the largest unspanned income risk. In numerical examples with reasonable......We provide the first closed-form solution for the equilibrium risk-free rate and the equilibrium stock price in a continuous-time economy with heterogeneous investor preferences and unspanned income risk. We show that lowering the fraction of income risk spanned by the market produces a lower...... equilibrium risk-free rate and a lower stock market Sharpe ratio, partly due to changes in the aggregate consumption dynamics. If we fix the aggregate consumption dynamics, the Sharpe ratio is the same as in an otherwise identical representative agent economy in which all risks are spanned, whereas the risk...

Perception of Affective Body Movements in HRI Across Age Groups

DEFF Research Database (Denmark)

Rehm, Matthias; Krogsager, Anders; Segato, Nicolaj

2016-01-01

robots and the signals they produce. In this paper we focus on affective connotations of body movements and investigate how the perception of body movements of robots is related to age. Inspired by a study from Japan, we introduce culture as a variable in the experiment and discuss the difficulties...... of cross-cultural comparisons. The results show that there are certain age-related differences in the perception of affective body movements, but not as strong as in the original study. A follow up experiment puts the affective body movements into context and shows that recognition rates deteriorate...

The construction of optimal hedging portfolio strategies of an investor

African Journals Online (AJOL)

that can capture all the investor's investment in i, i = 1, 2, …, N investment company at time t, using stochastic differential equation for derivative pricing process. We will also describe the dynamic of our stock price using Binomial lattice model. We also intend to apply Hamilton-Jacobi-Bellman,(HJB) equation to derive the ...

Do investors and entrepreneurs match? : Evidence from The Netherlands and Sweden

NARCIS (Netherlands)

Polzin, Friedemann|info:eu-repo/dai/nl/413317404; Sanders, Mark|info:eu-repo/dai/nl/175620059; Stavlöt, Ulrika

Entrepreneurs and investors face challenges in the 'thin market' for early stage entrepreneurial finance. Improving this situation has been a priority of policy makers for at least a decade, however, the challenges in this matching process are still poorly understood. Theory suggests that matching

Morocco calls for investors

International Nuclear Information System (INIS)

Rigaud, Ch.

2011-01-01

Morocco imported more than 96% of its energy between 2002 and 2009. Moreover the economic and social development of the country requires important energy needs that will grow by 5% a year. The Morocco government has launched an ambitious plan for developing renewable energies that aims at trebling its today's production of electricity by 2020. 2000 MW of solar energy will be installed on 5 sites and at least 2000 MW of wind energy will also be installed. Morocco's potential for wind energy is assessed to reach 25000 MW. The investment for the solar program will reach 6.5*10 9 euros. The aim of the energy policy is also to create jobs and develop local skills for manufacturing components of wind turbines and solar panels. The idea is that investors produce in Morocco for the local energy market and for export to African countries. Exports of renewable energy toward Europe will also be possible as Morocco is the only Arab country to be connected on the European frequency. A third submarine power cable between Morocco and Europe is being installed. (A.C.)

The Formation of Rational and Irrational Behaviors in Risky Investment Decision Making: Laboratory Experiment of Coping Theory Implication in Investors' Adaptation Model

OpenAIRE

Wendy Wendy; Marwan Asri; Jogiyanto Hartono

2012-01-01

This study analyzes the stock investor's rational and irrational behavior formation through Investor's Adaptation model. Hypotheses testings were conducted by manipulating four market conditions using between-subject experimental design. The results supported the hypotheses proposed in this study. When given treatment one (opportunity-high control), investors tended to adapt the profit maximizing strategy (rational). Meanwhile, when given treatment two (opportunity-low control), three (threat-...

A report on the climate change and investment risk workshop : best practices for Canadian pension funds and institutional investors

International Nuclear Information System (INIS)

Boshyk, A.

2004-01-01

Investors realize that the value of investment portfolios can be influenced by environmental risks such as climate change. This report is intended to raise awareness within the financial community of climate change risk, and to encourage greater corporate disclosure on climate change. It presents recommended best practices from the Social Investment Organization (SIO) regarding pension funds and other institutional investors for assessing and managing climate change risk. In 2003, 87 institutional investors handling $9 trillion, asked the 500 largest publicly traded companies in the world to disclose investment-relevant information concerning their greenhouse gas emissions. Nearly 800 organizations in all sectors of the Canadian economy have launched voluntary action plans to reduce greenhouse gas emissions. The SIO recommends that Canadian institutional investors should sign the Carbon Disclosure Project, a mechanism designed to obtain carbon risk data from the largest companies in the world. Mandatory disclosure programs have been a successful tool in promoting sustainable development. 37 refs

Regulatory environment and its impact on the market value of investor-owned electric utilities

Science.gov (United States)

Vishwanathan, Raman

While other regulated industries have one by one been exposed to competitive reform, electric power, for over eighty years, has remained a great monopoly. For all those years, the vertically integrated suppliers of electricity in the United States have been assigned exclusive territorial (consumer) franchises and have been closely regulated. This environment is in the process change because the electric power industry is currently undergoing some dramatic adjustments. Since 1992, a number of states have initiated regulatory reform and are moving to allow retail customers to choose their energy supplier. There has also been a considerable federal government role in encouraging competition in the generation and transmission of electricity. The objective of this research is to investigate the reaction of investors to the prevailing regulatory environment in the electric utility industry by analyzing the market-to-book value for investor-owned electric utilities in the United States as a gauge of investor concern or support for change. In this study, the variable of interest is the market valuation of utilities, as it captures investor confidence to changes in the regulatory environment. Initially a classic regression model is analyzed on the full sample (of the 96 investor-owned utilities for the years 1992 through 1996), providing a total number of 480 (96 firms over 5 years) observations. Later fixed- and random-effects models are analyzed for the same full-sample model specified in the previous analysis. Also, the analysis is carried forward to examine the impact of the size of the utility and its degree of reliability on nuclear power generation on market values. In the period of this study, 1992--1996, the financial security markets downgraded utilities that were still operating in a regulated environment or had a substantial percentage of their power generation from nuclear power plants. It was also found that the financial market was sensitive to the size of

Measures for protection of the environment and the breach of a foreign investor's rights

Directory of Open Access Journals (Sweden)

Đundić Petar

2011-01-01

Full Text Available The paper analyses the relationship between state measures aimed at protecting the environment and the so-called regulative expropriation of investment. Protection of the environment has established itself as a legitimate regulative purpose in legal doctrine and in a number of sources of international foreign investment law. In the analytical framework of police powers doctrine it would suggest that state measures taken for environmental reasons, even if they are harmful for the economic interests of foreign investor, cannot be considered regulative expropriation. However, arbitral practice shows more restrictive approach towards regulative freedom of states in this area. The right of state to regulate without imposition of a duty to compensate a foreign investor for his loss is not unconditionally accepted. The regulative measure must be taken in good faith, i.e. with the true purpose of protecting the environment and nondiscriminatory in its character. Furthermore, there is a tendency in arbitral practice that the legitimate regulative purpose of state measure is weighed against other factors such as legitimate expectations of a foreign investor and the level of his economic loss in order to determine whether the expropriation has occurred.

Rates of Return on Flow-Through Shares: Investors and Governments Beware

Directory of Open Access Journals (Sweden)

Vijay Jog

2016-02-01

Full Text Available Canada’s tax code allows the use of flow-through shares for mining and oil and gas companies on the assumption that they are a good way to spur new productive exploration and are also beneficial to investors. In reality, it appears that flow-through shares are lousy for both. Flow-through shares are designed for corporations that cannot make good use of expense deductions from their taxes and so, through the use of these special type of shares, can pass along their expenses for shareholders to deduct from their own income taxes. This tax break is not insignificant: The amount of revenue foregone by the federal government due to flow-through shares and the related Mineral Exploration Tax Credit averaged $440 million every year between 2007 and 2012. But the steepest price has arguably been borne by investors, with returns on flow-through shares performing extraordinarily poorly. For small companies that issued these shares, the annualized absolute return was a nearly 100 per cent loss. For larger companies, the returns were not as bad — negative 14 per cent — but still a loss. And if adjusted for corresponding benchmarks, the returns were even worse. From the $2.5 billion raised from Canadians using flow-through shares, investors have lost $1.2 billion. Certainly these results would indicate that flow-through shares are hardly helping Canadian explorers strike lucrative new discoveries (it is impossible to say whether the limited success some larger companies had in locating productive assets, using flow-through shares, would not have occurred anyway. Meanwhile, these share issues, bearing the imprimatur of a special government right and the incentive of an investor tax benefit, have likely led to market distortions, luring capital that might have otherwise gone to more productive and rewarding investments. Compounding matters is the very real possibility that those projects that were funded by flow-through shares, but would have been

Investors' perspective and needs in the process of developing a business plan

Directory of Open Access Journals (Sweden)

Stankov Biljana

2015-01-01

Full Text Available A business plan is a very important written document about the current state and future intentions of the company and it meets the information and other needs of a wide range of users, regardless of the size of the company and its organizational structure, or belonging to particular economic activity; regardless of the stage of the life cycle in which the company is located and the like . A business plan is written by the existing, established companies for different needs as well as by startup companies that are eager to show the profitability of the business venture and the success of business ideas realization. The business plan often stands out as a means to establish initial communication between entrepreneurs and financing sources, as well as for their initial meeting. The research problem relates to highlighting the business plan as a very powerful means in the hands of entrepreneurs in applying for obtaining the necessary financial resources. The subject of the research includes the analysis of the differences between the many users of a business plan with an emphasis on commercial banks, investment funds and private investors, as financiers of the business venture and the most important users. The aim of the research relates to highlighting the needs of investors and appreciation of their perspectives in the process of developing a business plan, because without a quality business plan investor is at risk of unsafe moving through a very uncertain and changing environment.

An Empirical Study on the Relationship between Investor Protection, Government Behavior, and Financial Development

Directory of Open Access Journals (Sweden)

Chien-Chi Chu

2017-11-01

Full Text Available We studied the relationship between investor protection, government behavior, and financial development using data covering six provinces (Guangdong, Jiangsu, Shandong, Zhejiang, Henan, and Sichuan and two provincial-level cities (Beijing and Shanghai in China for the period 2005–2014. Using panel data estimation techniques, we found that there is a positive relationship between investor protection and financial development; by contrast, highly-intense government intervention leads to more financial impediments. Moreover, government intervention in education could promote financial development through its contribution to having a higher amount of the fund supply. Our empirical findings have important implications for policy-makers in terms of reforming the capital market regulation.

Fewer Ups and Downs: Daily Stressors Mediate Age Differences in Negative Affect

OpenAIRE

Charles, Susan Turk; Luong, Gloria; Almeida, David M.; Ryff, Carol; Sturm, Maggie; Love, Gayle

2010-01-01

The current study examined age differences in daily stressors, positive events (uplifts), and their associations with emotional experience among healthy older women. Women (N = 101, 63--93 years old) reported their daily experiences across 1 week. Older age was related to fewer stressors and less frequent negative affect. However, the association between negative affect and age was no longer significant after accounting for the occurrence of daily stressors. Older age was not significantly re...

Bank Loan Loss Provisions, Investor Protection and the Macroeconomy

OpenAIRE

Ozili, Peterson K

2017-01-01

This study investigates the non-discretionary determinants of bank loan loss provisions in Africa after controlling for macroeconomic fluctuation, financial development and investor protection. We find that non-performing loans, loan-to-asset ratio and loan growth are significant non-discretionary drivers of bank provisions in the African region. We observe that bank provision is a positive function of non-performing loans up to a threshold beyond which bank provisions will no longer increase...

Enforceability of institutional investors responsibilities in corporate governance through the Dutch Corporate Governance Code : Are regulators and practitioners on the same page (and to who are institutional investors accountable)?

NARCIS (Netherlands)

Melis, D.A.M.; Paape, L.; Lückerath – Rovers, M.

2011-01-01

Corporate governance codes have been drafted to guide listed companies to improve corporate governance. Shareholders, in particular institutional investors, are being asked to play a critical role in safeguarding good corporate governance. However, addressing shareholders of Dutch listed companies

Trends in transmission, distribution, and administration costs for U.S. investor-owned electric utilities

International Nuclear Information System (INIS)

Fares, Robert L.; King, Carey W.

2017-01-01

This paper analyzes the cost of transmission, distribution, and administration for U.S. investor-owned electric utilities. We analyze data reported to the Federal Energy Regulatory Commission (FERC) from 1994 to 2014 using linear regression to understand how the number of customers in a utility's territory, annual peak demand, and annual energy sales affect annual TD&A spending. Then, we use Edison Electric Institute data for 1960 to 1992 to show trends in TD&A spending between 1960 and 2014. We find that the number of customers in a utility's territory is the single best predictor for annual TD&A costs. Between 1994 and 2014, the average cost per customer was $119/Customer-Year for transmission, $291/Customer-Year for distribution, and $333/Customer-Year for utility administration. Total TD&A costs per customer have been approximately $700–$800/Customer-Year since 1960, but the cost per kWh of energy sold was significantly higher in the 1960s because the average customer used less than half as much energy annually versus 2014. Thus, TD&A costs per kWh are likely to increase if kWh energy sales decline in the future unless cost recovery is transitioned to a mechanism not based solely on kWh sales. - Highlights: • U.S. investor-owned electric utility delivery costs from 1960? 2014 are investigated. • Transmission, distribution, and utility administrative costs are analyzed separately. • The number of utility customers is the best predictor for annual delivery costs. • Delivery costs per kWh are likely to increase if kWh sales decrease in the future.

PERILAKU INVESTOR INDIVIDU DALAM PEMBUATAN KEPUTUSAN INVESTASI SAHAM: EFEK DISPOSISI DAN INFORMASI AKUNTANSI

Directory of Open Access Journals (Sweden)

Elizabeth Lucky Maretha Sitinjak

2015-04-01

Full Text Available Tujuan dari penelitian ini adalah untuk mengetahui pengaruh efek disposisi, pengaruh interaksi efek disposisi dengan perlakuan informasi akuntansi untuk pengambilan keputusan investasi di pasar saham. Dalam rangka untuk lebih mengetahui perbedaan antara perilaku pria dan wanita dalam mengambil keputusan untuk berinvestasi di pasar saham. Metode penelitian ini menggunakan kuasi experimental 2x2 Acak Blok ( RB - 22 ANOVA dan ANCOVA Within - Subject. Desain blok terbentuk dari banyak frekuensi perdagangan saham simulasi menggunakan program perdagangan kebajikan. Blok transaksi yang paling banyak di blok 1 dan paling sedikit melakukan transaksi di blok 4. Populasi investor individu domestik dan subyek eksperimen terdiri dari 120 investor individu, 70 dari Jakarta, 33 dari Semarang, dan 17 dari Yogyakarta. Quasi eksperimen dilakukan selama 45 menit. Penelitian menunjukkan ada efek disposisi sebelum dan sesudah perlakuan informasi akuntansi. Ada kecenderungan untuk menjual saham winner lebih cepat daripada saham losser. The purpose of this study was to investigate the influence of the disposition effect, the interaction effect of the disposition effect with treatment of accounting information for investment decision in the stock market. In order to better know the difference between the behavior of men and women in making decisions to invest in the stock market. This research method using a quasi-experimental 2x2 Randomized Block (RB-22 ANOVA and ANCOVA Within-Subject Design. Block design is formed of many frequencies simulated stock trading using virtue trade program. Block most frequent transactions in block 1 and block are seldom undertakes transactions on block 4. The population of domestic individual investors and quasi experimental subjects consisted of 120 individual investors, 70 from Jakarta, 33 from Semarang, and 17 from Yogyakarta. The total time is 45 minutes quasi experiment.The results of this research showed there is a disposition

Decision making in the ageing brain: changes in affective and motivational circuits.

Science.gov (United States)

Samanez-Larkin, Gregory R; Knutson, Brian

2015-05-01

As the global population ages, older decision makers will be required to take greater responsibility for their own physical, psychological and financial well-being. With this in mind, researchers have begun to examine the effects of ageing on decision making and associated neural circuits. A new 'affect-integration-motivation' (AIM) framework may help to clarify how affective and motivational circuits support decision making. Recent research has shed light on whether and how ageing influences these circuits, providing an interdisciplinary account of how ageing can alter decision making.

Risk-averse and Risk-seeking Investor Preferences for Oil Spot and Futures

NARCIS (Netherlands)

H.H. Lean (Hooi Hooi); M.J. McAleer (Michael); W.-K. Wong (Wing-Keung)

2013-01-01

textabstractThis paper examines risk-averse and risk-seeking investor preferences for oil spot and futures prices by using the mean-variance (MV) criterion and stochastic dominance (SD) approach. The MV findings cannot distinguish between the preferences of spot and futures markets. However, the SD

13 CFR 107.1820 - Conditions affecting issuers of Preferred Securities and/or Participating Securities.

Science.gov (United States)

2010-01-01

... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Conditions affecting issuers of... Terms of Leverage § 107.1820 Conditions affecting issuers of Preferred Securities and/or Participating... investor. (6) Fraudulent transfers. You make any transfer or incur any obligation that is fraudulent under...

Agent-based Modeling Simulation Analysis on the Regulation of Institutional Investor's Encroachment Behavior in Stock Market

Directory of Open Access Journals (Sweden)

Yang Li

2014-05-01

Full Text Available Purpose: This study explores the effective regulation of institutional investor's encroachment behavior in stock market. Given the theoretical and practical importance, the present study examines the effect of the self-adaptive regulation strategy (adjusting the regulation factors such as punishment and the probability of investigating successfully in time for the sake of the small & medium-sized investor protection.Design/methodology/approach: This study was carried out through game theory and agent-based modeling simulation. Firstly, a dynamic game model was built to search the core factors of regulation and the equilibrium paths. Secondly, an agent-based modeling simulation model was built in Swarm to extend the game model. Finally, a simulation experiment (using virtual parameter values was performed to examine the effect of regulation strategy obtained form game model.Findings: The results of this study showed that the core factors of avoiding the institutional investor's encroachment behavior are the punishment and the probability of investigating successfully of the regulator. The core factors embody as the self-adaptability and the capability of regulator. If the regulator can adjust the regulation factors in time, the illegal behaviors will be avoided effectively.Research limitations/implications: The simulation experiment in this paper was performed with virtual parameter values. Although the results of experiment showed the effect of self-adaptive regulation, there are still some differences between simulation experiment and real market situation.Originality/value: The purpose of this study is to investigate an effective regulation strategy of institutional investor's encroachment behavior in stock market in order to maintain market order and protect the benefits of investors. Base on the game model and simulation model, a simulation experiment was preformed and the result showed that the self-adaptive regulation would be effective

Understanding investors' decisions to purchase innovative products : Drivers of adoption timing and range

NARCIS (Netherlands)

Hoffmann, A.O.I.; Broekhuizen, T.L.J.

2010-01-01

This paper integrates findings from marketing and finance literature to increase our understanding of consumers' decisions to purchase innovative investment products. Two different surveys administered to individual investors examine the psychological and sociological drivers of dispositional

Restructuring terminated. Rotor technology is lookingt for an investor.; Restrukturierung abgeschlossen. Rotortechnik sucht Investor

Energy Technology Data Exchange (ETDEWEB)

Anon.

2006-07-01

The NOI Group was declared insolvent in July 2004. Attorney-at-law Rolf Rombach of Erfurt was appointed as the administrator for NOI-Rotortechnik GmbH, Nordhausen. The other former production facilities of the NOI Group in Germany, Scotland and Spain are no longer active. More than 1,000 rotor blades have been mass-produced in Nordhausen since the company was founded in 1999. The site covers an area of 60,000 m{sup 2}, including around 8,500 m{sup 2} of production facilities. More than Euro 10 million in total has been invested in the production facilities. The management - consisting of Niels Ludwig, Juergen Simon and Carsten Zaremba - is now taking the business successfully forward together with the administrator. With its 80-strong workforce, Rotortechnik produces top-quality rotor blades in the multi-megawatt class for German and international customers. During the past 20 months all the work processes have been critically examined, reorganised and constantly optimised. Following complete restructuring, Rotortechnik GmbH in Nordhausen is now ready to make a high-level comeback together with an investor. (orig.)

Decision making in the ageing brain: Changes in affective and motivational circuits

Science.gov (United States)

Samanez-Larkin, Gregory R.; Knutson, Brian

2017-01-01

As the global population ages, older decision makers will be required to take greater responsibility for their own physical, psychological and financial well-being. With this in mind, researchers have begun to examine the effects of ageing on decision making and associated neural circuits. A new “affect, integration, motivation” (or AIM) framework may help clarify how affective and motivational circuits support decision making. Recent research has shed light on whether and how ageing influences these circuits, providing an interdisciplinary account of how ageing can alter decision making. PMID:25873038

Insufficient DNA methylation affects healthy aging and promotes age-related health problems.

Science.gov (United States)

Liu, Liang; van Groen, Thomas; Kadish, Inga; Li, Yuanyuan; Wang, Deli; James, Smitha R; Karpf, Adam R; Tollefsbol, Trygve O

2011-08-01

DNA methylation plays an integral role in development and aging through epigenetic regulation of genome function. DNA methyltransferase 1 (Dnmt1) is the most prevalent DNA methyltransferase that maintains genomic methylation stability. To further elucidate the function of Dnmt1 in aging and age-related diseases, we exploited the Dnmt1+/- mouse model to investigate how Dnmt1 haploinsufficiency impacts the aging process by assessing the changes of several major aging phenotypes. We confirmed that Dnmt1 haploinsufficiency indeed decreases DNA methylation as a result of reduced Dnmt1 expression. To assess the effect of Dnmt1 haploinsufficiency on general body composition, we performed dual-energy X-ray absorptiometry analysis and showed that reduced Dnmt1 activity decreased bone mineral density and body weight, but with no significant impact on mortality or body fat content. Using behavioral tests, we demonstrated that Dnmt1 haploinsufficiency impairs learning and memory functions in an age-dependent manner. Taken together, our findings point to the interesting likelihood that reduced genomic methylation activity adversely affects the healthy aging process without altering survival and mortality. Our studies demonstrated that cognitive functions of the central nervous system are modulated by Dnmt1 activity and genomic methylation, highlighting the significance of the original epigenetic hypothesis underlying memory coding and function.

Equivalent risky allocation: The new ERA of risk measurement for heterogeneous investors

NARCIS (Netherlands)

Plunus, S.; Gillet, R.; Hübner, G.M.B.J.

2015-01-01

This paper introduces an investor-specific risk measure derived from the linear-exponential (linex) utility function. It combines the notions of risk perception and risk aversion. To make this measure interpretable and comparable with others like variance or value-at-risk, it is translated into an

The role of institutional investors in propagating the crisis of 2007-2008

NARCIS (Netherlands)

Manconi, A.; Massa, M.; Yasuda, A.

2012-01-01

Using novel data on investors' bond portfolios, we study the contagion of the crisis from securitized bonds to corporate bonds. When securitized bonds became “toxic” in August 2007, mutual funds retained the now illiquid securitized bonds and sold corporate bonds. Funds with negative flows or high

Amid Downturn, Law Students Give Aggrieved Investors a Day in Court

Science.gov (United States)

Mangan, Katherine

2009-01-01

The University of San Francisco School of Law is one of at least a dozen law schools in the United States where students represent small investors facing big headaches, often because their brokers were more interested in maximizing their own commissions than in giving sound advice. Supervised by law professors, teams of students file motions,…

Market structure and investor interests frustrate energy savings

International Nuclear Information System (INIS)

Van Eck, T.

2008-01-01

Major energy savings can be achieved in the Netherlands by bringing demand and supply of heating of cooling closer together and by connecting processes in the correct energetic order. This is already done when one party owns an entire chain, for example in the case of refineries. As soon as several parties are involved, this is seldom achieved. Analysis shows that technical incompetence is seldom an obstacle. Most of the time organizational and economic actors are to blame. Moreover, main influences come from the attitude of the required investors and the position of the government. [mk] [nl

Empirical Study on Conservative and Representative Heuristics of Hong Kong Small Investors Adopting Momentum and Contrarian Trading Strategies

OpenAIRE

Chow, Sheung-Chi; Hon, Tai-Yuen; Wong, Wing-Keung; Woo, Kai-Yin

2017-01-01

Recently, a new Bayesian approach has been developed to explain some market anomalies. In this paper, we conduct a questionnaire survey to examine whether the theory holds empirically by studying the conservative and representative heuristics by Hong Kong small investors who adopt momentum and/or contrarian trading strategies. In addition, our study provides evidence for the small investors on their time horizon and risk tolerance when facing uncertainty in their investments. Our findings are...

Investor's and procurement guide South Africa. Pt. 1. Heavy minerals, rare earth elements, antimony

Energy Technology Data Exchange (ETDEWEB)

Graupner, Torsten; Schwarz-Schampera, Ulrich [Bundesanstalt fuer Geowissenschaften und Rohstoffe (BGR), Berlin (Germany); Hammond, Napoleon Q.; Opperman, Rehan; Long' a Tongu, Elisa; Kenan, Abdul O.; Nondula, Unathi; Tsanwani, Matamba [Council for Geoscience (CGS), Pretoria (South Africa). Dept. of Mineral Resources Development; Liedke, Maren; Marbler, Herwig [Bundesanstalt fuer Geowissenschaften und Rohstoffe (BGR), Berlin (Germany). Deutsche Rohstoffagentur (DERA)

2014-03-15

This is the first part of the ''Investor's and Procurement Guide South Africa'', a handbook for investing and doing business in South Africa's mineral industry. It is anticipated that this publication will aid potential investors into considering South Africa as an investment destination, not only for raw materials, but also for related industries. This manual supplements the many publications available on the economic geology and mineral wealth in South Africa and has been designed to guide prospective and current investors, suppliers and mine equipment exporters through the process of doing business in Africa's biggest and dynamic economy. As well as detailing the mineral raw materials heavy minerals, rare-earth metals and antimony, the handbook provides a general introduction to South Africa and its infrastructure, the economical, political and judicial frame of the South African mining industry and an overview of the economic geology. South Africa has a long and complex geological history which dates back in excess of 3.6 billion years. The country has a vast mineral wealth, undoubtedly due to the fact that a significant proportion of the Archaean and younger rocks have been preserved. The mining of the enormous Witwatersrand gold deposits, commencing in 1886, has led to the establishment of South Africa's well-developed infrastructure and to the sustained growth of an industrial and service sector in the country. With the world's largest resources of PGMs, gold, chromite, vanadium and manganese and significant resources of iron, coal and numerous other minerals and metals, the minerals industry will continue to play a pivotal role in the growth of South Africa's economy in the foreseeable future. South Africa is one of the top destinations in Africa for foreign direct investments. South African headquartered companies have been major investors into foreign direct investments on the African continent in the past

TOPFARM - topology optimization as seen from an investor's perspective

DEFF Research Database (Denmark)

Larsen, Gunner Chr.

TOPFARM is an optimization platform, which takes the investors perspective and performs an economical optimization of the wind farm layout throughout the lifetime of the wind farm. The economical optimization approach differs significantly from the traditional power output optimization. The major...... differences are highlighted, and the TOPFARM platform is described in some detail. The capability of the platform is illustrated in two demonstration examples. In the first example we perform a sanity check of basic features of the TOPFARM objective function. The second example demonstrates the capability...

The effect of herd formation among healthcare investors on health sector growth in China.

Science.gov (United States)

Lulin, Zhou; Antwi, Henry Asante; Wang, Wenxin; Yiranbon, Ethel; Marfo, Emmanuel Opoku; Acheampong, Patrick

2016-07-19

China has become the world's second largest healthcare market based on a recent report by the World Health Organization. Eventhough China achieved universal health insurance coverage in 2011, representing the largest expansion of insurance coverage in human history achieved; health inequality remains endemic in China. Lessons from the effect of market crisis on health equity in Europe and other places has reignited interest in exploring the potential healthcare market aberrations that can trigger distributive injustice in healthcare resource allocation among China's provinces. Recently, many healthcare investors in China have become more concerned about capital preservation, and are responding by abandoning long term investments strategies in healthcare. This investment withdrawal en mass is perceived to be influenced by herding tendencies and can trigger or consolidate endemic health inequality. Our study simultaneously employs four testing models (two state spaced models and two return dispersion models) to establish the existence of procyclical (herding) behavior among the stocks and its health equity implications. These are applied to a large set of data to compare and contrast results of herd formation among investors in fourteen healthcare sectors in China. The study reveals that apart from the cross sectional standard deviation (CSSD) model, the remaining two models and our augmented state space model yields significant evidence of herding in all subsectors of the healthcare market. We also find that the herding effect is more prominent during down movements of the market. Herding behavior may lead to contemporaneous loss of investor confidence and capital withdrawal and thereby deprive the healthcare sector of the much needed capital for expansion. Thus there may be obvious delay in efforts to bridge the gap in access to healthcare facilities, medical support services, medical supplies, pharmaceuticals, biotechnology, diagnostic substances, medical

NEVER BOUGHT, ALWAYS SOLD: Salesmanship, the Small Investor, and the Early Postwar Surge in Mutual Fund Participation

Directory of Open Access Journals (Sweden)

Janice M. Traflet

2009-01-01

Full Text Available Though today millions of investors flock to them, in 1945, mutual funds exuded no widespread appeal. This essay examines how, why, and when mutual funds first began to regain — and, indeed, exceed — the popularity they had only briefly enjoyed in the 1920s. A key focus is on the role of marketers in stimulating popular interest in mutual funds, particularly among small investors. As will be argued, the surge in mutual fund participation, which began in earnest after the Second World War, should be considered neither accidental nor inevitable.

Auditor Independence and the Provision of Non-Audit Services: Perceptions by German Investors

DEFF Research Database (Denmark)

Warming-Rasmussen, Bent

2009-01-01

An economic model by DeAngelo shows that the existence of client-specific quasi-rents impairs auditor independence. The provison of non-audit advisory services (NAS) increases quasi-rents, and thus it is a threat to independence. Recently, a number of changes have been made not only to the relevent...... international and US regulations, but also to the German regulations related to NAS. A large number of empirical studies have investigated the influence of NAS on the perceived auditor independence. Most of these studies were performed in Anglo-Saxon countries, particularly in the US, and a majority found...... a negative impact. Six studies are based on data from Germany. Most of them failed to find a significant negative impact on auditor's independence. German investors have not been surveyed so far. Thus an empirical investigation of the impact of NAS on investors' perceptions of auditor independence in Germany...

MODEL BELIEF-ADJUSMENT DAN PERSEPSI INVESTOR: EKSPERIMENTASI RANGKAIAN INFORMASI PENDEK SEDERHANA DAN RESPONS SIMULTAN

Directory of Open Access Journals (Sweden)

I WAYAN SUARTANA

2007-07-01

Full Text Available The previous research found that there was effect of positive and negativeinformation order of company annual reports. The objective of this research is to examinewhether the order of positive and negative information of a company in the president letterin annual reports can influence the perception of the investor about the company. Thesubjects of this research are the students of Magister of Management Program in one ofState University in Indonesia. The method used is laboratory experiment. The result of thisresearch implies that the ordering of positive and negative information of a company inimpression management of annual reports can influence investor's perception. Positiveinformation presented at the first part will result in positive judgment on the previous andpotential performance compare with receiving negative information on the first part.

Providing Value to New Health Technology: The Early Contribution of Entrepreneurs, Investors, and Regulatory Agencies

Science.gov (United States)

Lehoux, Pascale; Miller, Fiona A.; Daudelin, Geneviève; Denis, Jean-Louis

2017-01-01

Background: New technologies constitute an important cost-driver in healthcare, but the dynamics that lead to their emergence remains poorly understood from a health policy standpoint. The goal of this paper is to clarify how entrepreneurs, investors, and regulatory agencies influence the value of emerging health technologies. Methods: Our 5-year qualitative research program examined the processes through which new health technologies were envisioned, financed, developed and commercialized by entrepreneurial clinical teams operating in Quebec’s (Canada) publicly funded healthcare system. Results: Entrepreneurs have a direct influence over a new technology’s value proposition, but investors actively transform this value. Investors support a technology that can find a market, no matter its intrinsic value for clinical practice or healthcare systems. Regulatory agencies reinforce the "double" value of a new technology—as a health intervention and as an economic commodity—and provide economic worth to the venture that is bringing the technology to market. Conclusion: Policy-oriented initiatives such as early health technology assessment (HTA) and coverage with evidence may provide technology developers with useful input regarding the decisions they make at an early stage. But to foster technologies that bring more value to healthcare systems, policy-makers must actively support the consideration of health policy issues in innovation policy. PMID:28949463

Effect of Poverty on Risk Attitude of Rural Women Investors in Osun ...

African Journals Online (AJOL)

In investments, profit is the main reward for risk bearing. A riskless business may promote poverty. Poverty influences the capacities and willingness to acquire new knowledge and apply new technologies. This study sought mainly to determine the effect of poverty on risk attitude of rural women investors. The study area was ...

Which renewable energy policy is a venture capitalist's best friend? Empirical evidence from a survey of international cleantech investors

International Nuclear Information System (INIS)

Buerer, Mary Jean; Wuestenhagen, Rolf

2009-01-01

Governments around the world have adopted ambitious targets to increase the share of renewable energy and reduce greenhouse gas emissions. They pursue a variety of policy approaches to achieve these targets. It has been a popular theme for contributions in Energy Policy to investigate the effectiveness of such policies. This article adds a new perspective to the debate, namely looking at the policy preferences of private investors in innovative clean energy technology firms. We surveyed 60 investment professionals from European and North American venture capital and private equity funds and asked them to assess the effectiveness of various policies, in terms of stimulating their interest to invest in innovative clean energy technologies. In addition to quantitative rankings, we use qualitative interview data to capture additional information on why investors prefer some policies over others. The combined analysis compensates for the inherent limitations of a quantitative ranking using generic policy types. The results of this exploratory analysis demonstrate that, all other things being equal, investors in our sample perceived feed-in tariffs to be the most effective renewable energy policy. The overall preference for feed-in tariffs is even more pronounced among investors based in Europe and with higher exposure to clean energy. (author)

77 FR 68854 - Highland Associates, Inc. and Financial Investors Trust; Notice of Application

Science.gov (United States)

2012-11-16

... shareholders, and does not involve a conflict of interest from which the Adviser or the Affiliated Subadviser... shareholder approval. Applicants: Highland Associates, Inc. (the ``Adviser'') and Financial Investors Trust... be issued unless the Commission orders a hearing. Interested persons may request a hearing by writing...

Comparison of Nutritional Status Among, Flood Affected and Unaffected School Aged Children

International Nuclear Information System (INIS)

Mohsin, S.N.; Aasim, M.; Ghous, R.; Fatima, M.

2017-01-01

Background: Natural disasters like floods affect large human populations by not only displacing them temporarily but also poses nutritional issues to women and children. Objectives: To determine the long term effects of floods, on the nutritional status of school going children in Pakistan. Study design, settings and duration: A cross sectional study which was conducted in public schools of district Nowshera which is a large district of province Khyber Pakhtunkhwa, Pakistan from February 2012 to March 2014. Subjects and Methods: A total of 353 children aged 6-14 years were enrolled. There were 190 children from flood affected areas and 163 controls from unaffected areas. Using height, weight, age and gender, malnutrition indicators like acute malnutrition, chronic malnutrition and underweight were calculated to evaluate effect of flood on these children after 20 months of the calamity. Weight for age (WAZ) was used to measure underweight, height for age (HAZ) to measure stunted growth, and weight for height (WHZ) to measure wasting or acute malnutrition. The malnutrition indicators which were positively associated with floods were further evaluated for associated factors. Results The frequency of acute malnutrition or wasting (WHZ) among flood affected children was 23.7 percent as compared to 16.5 percent among unaffected children while the frequency of underweight (WAZ) in flood affected areas was 42.1 percent as against 36.8 percent in unaffected areas (both were not significant). The frequency of chronic malnutrition or stunting (AZ) was 35.8 percent in affected and 27.6 percent in unaffected children (p< 0.041) and was the only positively associated indicator with exposure to floods. Factors associated with chronic malnutrition were age of the child, maternal education, history of fever, administration of de-worming medication and diarrhea. Conclusion: Floods had a long term effect on nutritional status of school aged children as shown by chronic malnutrition

Evaluation of Risks Related To Russian Power Grid Companies by Foreign Investors

Directory of Open Access Journals (Sweden)

Daria L. Val'kova

2016-01-01

Full Text Available The article focuses on the impact of the current crisis on evaluation of risks related to Russian power grid companies by foreign investors as well as on prospects of raising foreign capital. The current situation resulted in a considerable deterioration of investment climate in Russia as well as in aggravation of industry-specific problems. Inflation growth, devaluation of the national currency, GDP decrease, drop in electricity consumption and the crisis in the banking sector negatively impact the investment profile of the country. This leads to increased risk premium for foreign capital investments in any type of Russian assets. At the same time industry-specific problems augmented as well. Those are primarily lack of transparency in regulation, which is subject to constant changes, growth in overdue receivables, limited access to modern technologies. All of the above had a considerable impact on the perception of Russian risks by international investors. A comprehensive approach is needed to improve the investment climate in the country and this would be largely defined by the general macroeconomic development of the Russian Federation and relations with other states. Consistent strategy and integrated actions of the Government and respective Ministries are of particular importance. As for the industry-specific factors, transparent and well-balanced long-term tariff system is the key condition for sustainable improvement of the situation in the sector, according to the major industry participants and leading experts. Thus, the article highlights changes in investor perception of the Russian power grid sector as well as relative impact on the industry development prospects. This analysis is the basis for further elaboration of recommendations regarding easing off of the crisis impact on the power grid companies as well as for assessment of prospects of meeting strategic industry development objectives.

Feeling old today? Daily health, stressors, and affect explain day-to-day variability in subjective age.

Science.gov (United States)

Kotter-Grühn, Dana; Neupert, Shevaun D; Stephan, Yannick

2015-01-01

Subjective age is an important correlate of health, well-being, and longevity. So far, little is known about short-term variability in subjective age and the circumstances under which individuals feel younger/older in daily life. This study examined whether (a) older adults' felt age fluctuates on a day-to-day basis, (b) daily changes in health, stressors, and affect explain fluctuations in felt age, and (c) the daily associations between felt age and health, stressors, or affect are time-ordered. Using an eight-day daily diary approach, N = 43 adults (60-96 years, M = 74.65, SD = 8.19) filled out daily questionnaires assessing subjective age, health, daily stressors, and affect. Data were analysed using multilevel modelling. Subjective age, health, daily stressors, affect. Intra-individual variability in felt age was not explained by time but by short-term variability in other variables. Specifically, on days when participants experienced more than average health problems, stress, or negative affect they felt older than on days with average health, stress, or negative affect. No time-ordered effects were found. Bad health, many stressors, and negative affective experiences constitute circumstances under which older adults feel older than they typically do. Thus, daily measures of subjective age could be markers of health and well-being.

Applicable law in investor-state arbitration: the interplay between national and international law

NARCIS (Netherlands)

Kjos, H.E.

2013-01-01

This book examines the law, national and/or international, that arbitral tribunals apply on the merits to settle disputes between foreign investors and host states. In light of the freedom that the disputing parties and the arbitrators have when designating the applicable law, and because of the

The study of the price of gold futures based on heterogeneous investors' overconfidence

Institute of Scientific and Technical Information of China (English)

Wei Jiang; Pupu Luan; Chunpeng Yang

2014-01-01

Purpose-The purpose of this paper is to research and analyze the price of gold futures based on heterogeneous investors' overconfidence.Design/methodology/approach-This paper divides the traders of gold futures market into two kinds:the speculators and arbitrageurs,and then constructs a market equilibrium model of futures pricing to analyze the behaviors of the two kinds of traders with overconfidence.After getting the decision-making function,the market equilibrium futures price is attained on the condition of market clearing.Then,this paper analyzes how the overconfidence impacts on futures price,volatility of the price of gold futures and the effects on individual utility.Findings-Under different market conditions,the overconfidence psychological impacts of heterogeneous investor on the price and volatility of futures are different,sometimes completely opposite.Originality/value-In the past literature,the relationships between overconfidence and the price or volatility are positive;however,the study shows that sometimes it is positive,and sometimes it is negative

How age affects pointing with mouse and touchpad

DEFF Research Database (Denmark)

Hertzum, Morten; Hornbæk, Kasper

2010-01-01

pointing with mouse and touchpad. The goal is to provide an integrated analysis of (a) how these three age groups differ in pointing performance, (b) how these differences are affected by the two pointing devices, and (c) how the submovement structure of cursor trajectories may explain performance...... neither more nor less errors than young and adult participants. All three age groups were slower and made more errors with the touchpad than the mouse, but the touchpad slowed down elderly participants more than young participants, who in turn were slowed down more than adult participants. Adult......Effects of age on pointing performance have become increasingly important as computers have become extensively used by still larger parts of the population. This study empirically investigates young (12-14 years), adult (25-33 years), and elderly (61-69 years) participants' performance when...

KEWENANGAN OTORITAS JASA KEUANGAN MENGENAI PERLINDUNGAN HUKUM BAGI INVESTOR TERHADAP TINDAKAN TIPPEE YANG MELAKUKAN INSIDER TRADING DALAM PERDAGANGAN SAHAM

Directory of Open Access Journals (Sweden)

Made Dwi Juliana

2015-07-01

Full Text Available One type of a criminal in the capital market is the practice of  insider trading. Insider trading is an act that involves a group of insider in the capital market who deliberately exploit information that has not been released to investors with the advantages. In insider trading there are two actors such as party directly as an insider who works in the company or indirect as tippee party who obtain confidential information from an insider. Tippee is the party who receives confidential information from an insider either passively or actively against the law or not against the law for personal gain in the stock trading. This is very detrimental to the investors in the stock trading. Because of that if needs the protection for investors against the actions of the Tippee.  This study discusses two (2 problem first about the subject matter of the action form Tippee in insider trading to the stock at Indonesia and the second about OJK authority on legal protection for investors in case of insider trading by the Tippee in capital market activities. This research is a normative law. The Method approach is the approach of legislation, conceptual approach and comparative approach. Legal materials used are primary and secondary legal materials. Mechanical collection of legal materials is through the study of literature that further uses analysis techniques that description techniques and interpretation. The results shows that this form of action Tippee can be done actively and passively. Actively to perform an unlawful act such as stealing information. In is not trying to fight the law, but to obtain inside information and legal safeguards for investors to act with regard to insider trading Tippee do give legal certainty through legislation and legal certainty by the OJK through law enforcement

Regional not-for-profit systems: can they compete with national investor-owned firms?

Science.gov (United States)

Hernandez, R; Hill, D B

1984-01-01

The relative competitive advantages of regional and national systems are summarized in Figure One. As illustrated, each type of system has unique competitive advantages at the corporate level. While it is difficult to state that either system has distinct advantages that place it in a superior position relative to the other, it seems that in the short-run investor-owned systems have operating characteristics that may result in more efficient internal functioning because of more centralized control over resource allocation and performance systems, greater possibilities for economies of scale, and greater access to capital. However, it was previously noted that growing pressures from government and the business community will lead to tighter constraints on the profitability of investments in the health care sector. The possibility of this shift suggests that the access to capital advantage enjoyed by investor-owned systems may not continue. Additionally, regional systems that are part of larger affiliated organizations such as the Sun Alliance and the Voluntary Hospitals of America are developing means to pool their access to debt funds, thus reducing the cost of capital for member institutions. The group purchasing contracts developed by these large systems also have resulted in significant savings. The distinction between regional and national systems on centralized control are becoming less pronounced. Investor-owned systems are seeking to determine how they might best decentralize selected decisions to be more responsive to local markets while not-for-profit regional systems are recognizing that they must centralize selected decisions to obtain more efficient, rational operation. The long-run outlook suggests that the competitive advantages that have been identified will become less pronounced and that both systems will survive in the marketplace.

Investor's experience with keeping fixed costs during the construction of the Temelin nuclear power plant

International Nuclear Information System (INIS)

Cecil, P.

1990-01-01

The introduction of fixed costs in the construction of the Temelin nuclear power plant should secure stabilization of budget cost and prevent its increase. The differences between the fixed costs method and the procedure used so far are briefly described. The introduction of fixed costs was to be followed by the corresponding legal regulations; however, the legal adjustment has not been carried out in the desired completeness. The reason is the difference in understanding the notion of fixed costs by the investor, the contractor and the designer. Another problem is the difference in the level and the detail of the initial project design and of the Soviet implementation designs. The investor believes that the introduction of fixed costs has not yet met with the desired response by organizations participating in the construction. (J.P.)

Looking for big 'fry': The motives and methods of middle-class international property investors

NARCIS (Netherlands)

Ho, Hang Kei; Atkinson, Rowland

2017-01-01

Anxieties about the effects of international property investment in world cities like London have mainly focused on super-rich investors and corporate vehicles that have generated price inflation of assets and accelerated exclusion from an already expensive market. In fact, many international

Positive affect and age as predictors of exercise compliance

Directory of Open Access Journals (Sweden)

Danilo Garcia

2014-12-01

Full Text Available Physical exercise is linked to individuals whose affect profiles are invariably positive and it induces anti-apoptotic and anti-excitotoxic effects, buttressing blood–brain barrier intactness in both healthy individuals and those suffering from disorders accompanying overweight and obesity. In this regard, exercise offers a unique non-pharmacologic, non-invasive intervention that incorporates different regimes, whether dynamic or static, endurance, or resistance. In this brief report we present a self-reported study carried out on an adolescent and adult population (N = 280, 144 males and 136 females, which indicated that the propensity and compliance for exercise, measured as the “Archer ratio”, was predicted by a positive affect. This association is discussed from the perspective of health, well-being, affect dimensions, and age.

What Can Rational Investors Do About Excessive Volatility and Sentiment Fluctuations?

OpenAIRE

Bernard Dumas; Alexander Kurshev; Raman Uppal

2005-01-01

Our objective is to understand the trading strategy that would allow an investor to take advantage of 'excessive' stock price volatility and 'sentiment' fluctuations. We construct a general equilibrium model of sentiment. In it, there are two classes of agents and stock prices are excessively volatile because one class is overconfident about a public signal. As a result, this class of irrational agents changes its expectations too often, sometimes being excessively optimistic, sometimes being...

Institutional investor monitoring motivation and the\\ud marginal value of cash

OpenAIRE

Zeng, Yeqin; Yin, Chao; Ward, Charles

2018-01-01

This paper examines whether the motivation of institutional investors in monitoring a firm is positively related to the relative importance of the firm's stock in their portfolios. We find that greater motivated monitoring institutional ownership is associated with a higher marginal value of corporate cash holdings, which cannot be explained by other corporate governance measures and institution types. Further, we find that the economic effect of institutional monitoring on the marginal value...

77 FR 22622 - AP Henderson Group, BPO Management Services, Inc., Capital Mineral Investors, Inc...

Science.gov (United States)

2012-04-16

... SECURITIES AND EXCHANGE COMMISSION [File No. 500-1] AP Henderson Group, BPO Management Services, Inc., Capital Mineral Investors, Inc., CardioVascular BioTherapeutics, Inc., and 1st Centennial... that there is a lack of current and accurate information concerning the securities of 1st Centennial...

Factors Affecting Sarcopenia in Korean Adults by Age Groups.

Science.gov (United States)

Bae, Eun-Jung; Kim, Yun-Hee

2017-06-01

This study aimed to investigate factors affecting sarcopenia in different age groups among Korean adults aged 20 years or older. In this secondary analysis, data were collected from records for 17,968, participants who participated in the Korea National Health and Nutrition Examination Survey during 2008-2011. Data were analyzed using multiple logistic regression to determine the associated factors of sarcopenia by age groups. The prevalence of sarcopenia increased significantly with age. Physical activity, blood pressure, waist circumference, triglycerides, vitamin D level were found to be factors significantly associated with sarcopenia in all age groups. Total energy intake was found to be a factor that is significantly associated with sarcopenia among the adults aged 20-39 years. Fasting glucose, suicidal ideation, perceived health status, mobility problem, pain/discomfort, total energy intake were found to be factors associated with sarcopenia in the adults aged 40-64 years. Sex, residential area, smoking, drinking, fasting glucose, osteoarthritis, fall experience, usual activity problem, protein intake were factors associated with sarcopenia in the adults over 65 years of age. The findings show that sarcopenia in adults and the associated factors were different by age groups. Thus, these factors should be considered in the development of intervention programs for the care and prevention of sarcopenia, and such programs should be modified according to different age groups.

Institutional investors' involuntary trading behaviors,commonality in liquidity change and stock price fragility

Institute of Scientific and Technical Information of China (English)

Guojin Chen; Aihuan Xu; Xiangqin Zhao

2013-01-01

Purpose-The aim of this paper is to empirically analyze the source of commonality in liquidity change in China's stock market.Design/methodology/approach-This paper used two-step test method in Coughenour and Saad and empirically tested the relationship between institutional investors' involuntary trading behaviors and commonality in liquidity change in China's stock market.Findings-The results showed that to take the open-end fund as a representative of institutional investors,their involuntary trading behaviors were an important source of commonality in liquidity change in China's stock market.Originality/value-For a long time,the domestic researchers have ignored the study about the source of commonality in liquidity change in China's stock market.But,this study's conclusion expanded the explanation about the source of commonality in liquidity change in China's stock market from a new point of view that the demand-side explanation.Because there is no market-maker trading behaviors in China's stock market,the paper cannot explain the source of commonality in liquidity change in China's stock market from the point of view of the supply-side explanation.

Investor preferences for oil spot and futures based on mean-variance and stochastic dominance

NARCIS (Netherlands)

H.H. Lean (Hooi Hooi); M.J. McAleer (Michael); W.-K. Wong (Wing-Keung)

2010-01-01

textabstractThis paper examines investor preferences for oil spot and futures based on mean-variance (MV) and stochastic dominance (SD). The mean-variance criterion cannot distinct the preferences of spot and market whereas SD tests leads to the conclusion that spot dominates futures in the downside

THEORETICAL-METHODOLOGICAL IMPORTANCE OF INTERNATIONAL LISTING OF STOCKS FOR INVESTORS AND EMITENTS

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I. Mazur

2018-03-01

Full Text Available In the conditions of globalization of the economic environment, the integration processes of the international capital markets are intensifying, which envisages the possibility of placing securities in foreign markets. This gives some benefits to national investors and issuers. These benefits include: scaling up the attraction of investors' financial resources; strengthening of the business reputation and issuer's credit rating; Successful placement of shares in the international market contributes to the increase of profits. International listing of shares increases the prestige and image of the issuer. The main motivation of most companies entering the foreign capital markets is only financial - they plan to increase their capital in the markets of highly developed countries and increase the liquidity of their shares. International listing provides new markets for more active securities that do not require detailed reporting and have significant liquidity. In some cases, the introduction of international listing increases the value of the company's shares. As a rule, this happens more often in the US, when the market value of shares is higher than that existing on the issuer's market. Moreover, the fact of an increase in the number of investors who buys company shares increases the liquidity of shares, narrowing the spread. That is, the main motive for stock quotes abroad is to increase the value of its capital and liquidity of shares, which will eventually give an opportunity to attract additional capital. All this contributes to the growth of the number of national companies that market their shares on foreign stock exchanges. Investigated double listingof shares of companies; discloses the conditions under which the international listing of shares of companies becomes one of the most appropriate ways of financing business; the influence of international listing of companies' shares on the liquidity of shares in the domestic market, increase

The Optimal Configuration Scheme of the Virtual Power Plant Considering Benefits and Risks of Investors

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Jingmin Wang

2017-07-01

Full Text Available A virtual power plant (VPP is a special virtual unit that integrates various distributed energy resources (DERs distributed in the generation and consumption sides. The optimal configuration scheme of the VPP needs to break the geographical restrictions to make full use of DERs, considering the uncertainties. First, the components of the DERs and the structure of the VPP are briefly introduced. Next, the cubic exponential smoothing method is adopted to predict the VPP load requirement. Finally, the optimal configuration of the DER capacities inside the VPP is calculated by using portfolio theory and genetic algorithms (GA. The results show that the configuration scheme can optimize the DER capacities considering uncertainties, guaranteeing economic benefits of investors, and fully utilizing the DERs. Therefore, this paper provides a feasible reference for the optimal configuration scheme of the VPP from the perspective of investors.

Effects of Common Factors on Dynamics of Stocks Traded by Investors with Limited Information Capacity

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Songtao Wu

2017-01-01

Full Text Available An artificial stock market with agent-based model is built to investigate effects of different information characteristics of common factors on the dynamics stock returns. Investors with limited information capacity update their beliefs based on the information they have obtained and processed and optimize portfolios based on beliefs. We find that with changing of concerned information characteristics the uncertainty of stock price returns rises and is higher than the uncertainty of intrinsic value returns. However, this increase is constrained by the limited information capacity of investors. At the same time, we also find that dependence between returns of stock prices also increased with the changing information environment. The uncertainty and dependency pertaining to prices show a positive relationship. However, the positive relationship is weakened when taking into account the features of intrinsic values, based on which prices are generated.

COMPARATIVE ANALYSIS OF THE TURKISH FOOTBALL CLUB WEB SITES IN THE STOCK EXCHANGE IN ISTANBUL ON THE RELATIONSHIP BETWEEN THE COMPETITIVE INVESTORS IN THE UNITED KINGDOM

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Fatih TEMİZEL

2017-04-01

Full Text Available Since the 1980s, the development of financial liberalization and information technologies has increased the awareness of stakeholders of companies and has enabled investor relations to reach professional dimensions. In this study, it is aimed to contribute to the development of the management of the investor relations of football clubs and to the correct pricing of market values in Stock Exchange Istanbul. For this reason, information will be given about the areas that football clubs which are public offering in Borsa İstanbul and developed markets, distinguish between their web sites and their investor relations in their web sites. When the said websites are examined, the score cards prepared by the Association of Turkish Investor will be used for club activity reports, financial results explanations and website evaluations.

REDD+: Ready to engage private investors?

Energy Technology Data Exchange (ETDEWEB)

Nhantumbo, Isilda

2011-11-15

The prospect of gaining carbon credits by acquiring land to implement REDD+ has caught the eye of the private sector. In many countries, including Papua New Guinea and Republic of Congo, there are reports of a carbon rush. In Mozambique, private investors have expressed an interest in acquiring more than 22 per cent of the country's land — an area that is larger than the 16 per cent of protected areas and that covers 42 per cent of forests — for REDD+. But Mozambique, like many developing countries, is still in the early stages of preparing a REDD+ strategy. Stakeholder consultations are ongoing and the country's REDD+ Working Group is still assessing social, technical and institutional capacities available to deliver REDD+ in a way that helps reduce emissions while also serving environment and social development needs. Encouraging private sector involvement before the country has the right policies and institutions in place to safeguard local environments and people risks undermining the potential of REDD+ for sustainable development.

Factors affecting aging cognitive function among community-dwelling older adults.

Science.gov (United States)

Kim, Chun-Ja; Park, JeeWon; Kang, Se-Won; Schlenk, Elizabeth A

2017-08-01

The study purpose was to determine factors affecting aging cognitive function of 3,645 community-dwelling older adults in Korea. The Hasegawa Dementia Scale assessed aging cognitive function, blood analyses and anthropometrics assessed cardio-metabolic risk factors, and the Geriatric Depression Scale Short Form Korean Version assessed depressive symptoms. Participants with poor aging cognitive function were more likely to be in the late age group (≥75 y) and currently smoking and have a medical history of stroke, high body mass index, and high level of depressive symptoms; they were also less likely to engage in regular meals and physical activities. Regular meals and physical activities may be primary factors for clinical assessment to identify older adults at risk for aging cognitive function. With aging, depressive symptoms and other unhealthy lifestyle behaviours should be managed to prevent cognitive function disorders. © 2017 John Wiley & Sons Australia, Ltd.

Heterogeneous Investors, Negotiation Strength & Asset Prices in Private Markets: Evidence from Commercial Real Estate

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David C. Ling

2013-08-01

Full Text Available We examine the impact of heterogeneous investors with asymmetric bargaining positions on transaction prices in private commercial real estate markets. Using a dataset that contains nearly 100,000 commercial real estate transactions during 1997-2009, we examine the extent to which common conditions of sale and buyer characteristics affect bargaining power and negotiated prices. We find that tax-motivated buyers seeking to complete a delayed Section 1031 exchange pay an average price premium of 12.5% when purchasing smaller properties. However, these price premiums for exchange motivated buyers are not observed among more expensive properties. We find strong evidence that out-of-state buyers pay significantly more (8 - 11% premium for commercial properties than in-state buyers. Consistent with our expectations, we find that sellers of distressed properties negotiate significantly lower transaction prices (13 - 15% discount than sellers of non-distressed properties, all else equal. Finally, we find evidence that REITs pay price premiums between 14 - 16% for office and industrial and retail properties. Our results strongly support the notion that relative bargaining power influences negotiated transaction prices.

Recurrence in affective disorder. II. Effect of age and gender

DEFF Research Database (Denmark)

Kessing, L V

1998-01-01

BACKGROUND: The risk of recurrence in affective disorder has been found to increase with each new episode. It is unclear whether it is universal without regard to gender, age and type of disorder. METHOD: Survival analysis was used to estimate the risk of recurrence in a case-register study...... episodes regardless of the combination of gender, age and type of disorder. Initially in the course of illness, unipolar and bipolar women experienced an equal greater risk of recurrence than men. The risk of recurrence after the first episode was increased for middle-aged and older unipolar women compared...... with the risk for younger women, while after all other episodes younger age at first episode increased the risk of recurrence. CONCLUSIONS: The course of severe unipolar and bipolar disorder seems to be progressive in nature irrespective of gender, age and type of disorder....

Re-evaluating neonatal-age models for ungulates: does model choice affect survival estimates?

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Troy W Grovenburg

Full Text Available New-hoof growth is regarded as the most reliable metric for predicting age of newborn ungulates, but variation in estimated age among hoof-growth equations that have been developed may affect estimates of survival in staggered-entry models. We used known-age newborns to evaluate variation in age estimates among existing hoof-growth equations and to determine the consequences of that variation on survival estimates. During 2001-2009, we captured and radiocollared 174 newborn (≤24-hrs old ungulates: 76 white-tailed deer (Odocoileus virginianus in Minnesota and South Dakota, 61 mule deer (O. hemionus in California, and 37 pronghorn (Antilocapra americana in South Dakota. Estimated age of known-age newborns differed among hoof-growth models and varied by >15 days for white-tailed deer, >20 days for mule deer, and >10 days for pronghorn. Accuracy (i.e., the proportion of neonates assigned to the correct age in aging newborns using published equations ranged from 0.0% to 39.4% in white-tailed deer, 0.0% to 3.3% in mule deer, and was 0.0% for pronghorns. Results of survival modeling indicated that variability in estimates of age-at-capture affected short-term estimates of survival (i.e., 30 days for white-tailed deer and mule deer, and survival estimates over a longer time frame (i.e., 120 days for mule deer. Conversely, survival estimates for pronghorn were not affected by estimates of age. Our analyses indicate that modeling survival in daily intervals is too fine a temporal scale when age-at-capture is unknown given the potential inaccuracies among equations used to estimate age of neonates. Instead, weekly survival intervals are more appropriate because most models accurately predicted ages within 1 week of the known age. Variation among results of neonatal-age models on short- and long-term estimates of survival for known-age young emphasizes the importance of selecting an appropriate hoof-growth equation and appropriately defining intervals (i

Behavioral Finance: an investigation based on the prospect theory and the investor profile of portuguese stricto sensu graduate students

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Fabricio Luis Colognese Haubert

2014-04-01

Full Text Available Behavioral Finance is a new area of study that seeks to analyze the psychological aspects of individuals in making financial decisions. Studies in this area are intended to verify assumptions made by more traditional theories, in particular, the rationality of economic agents, and they aim to improve the economic and financial model through the incorporation of evidence on investor irrationality. In this context, the objective of this article is to understand the behavior of portuguese post-graduate students to its operations in investments based on behavioral finance. In order to learn about the behavioral profile of investors and prospective investors, a survey was conducted to collect quantitative data using a questionnaire comprising 15 questions for 130 stricto sensu graduate students of Lisbon – Portugal. It was possible to identify the predominant conservative and moderate profiles. It was observed that students showed risk aversion in the field of gains and risk propensity in the field of losses. So it is possible to say that the reflection effect occurred in this study.

Nuclear fuel financing by USA investor-owned utilities

International Nuclear Information System (INIS)

Cave, W.F.

1981-01-01

Investor-owned utilities in the USA currently have almost 60 nuclear plants in commercial operation and an additional 90 plants under construction or awaiting operating licenses. To understand the specific techniques implemented to finance nuclear fuel and the advantages which they provide to individual companies, the total financing needs of the industry, the traditional pattern which utility external financing has taken, and the varied financial and regulatory bodies whose often conflicting objectives management must attempt to reconcile, must be understood. The aim of this paper is to aid such an understanding. The subject is discussed under the following headings: industry background; regulation and rating agencies; management objectives; financing structure; advantages (low financing cost; regulatory treatment; freer nature of agreement; access to commercial paper market; appropriate financing time-span; rating benefits; accounting treatment); conclusions. (U.K.)

The challenge of measuring investments and identifying investors

DEFF Research Database (Denmark)

Christensen, Jesper Lindgaard; Hain, Daniel S.

2013-01-01

, there are several types of flaws and difficulties related to getting a statistical overview of investments in innovation in the energy sector; it is not just a matter of increasing the existing statistical efforts and precision, there are more generic difficulties. Obviously, activity indicators of energy...... innovation (cf. other chapters in this volume) are closely related to indicators of investments in energy innovation. Hence, a number of general measurement challenges, such as separating innovation and activities, apply to investment measurement as well. Furthermore, any kinds of outcome measures...... in the energy realm, and elsewhere, are by nature interdependent with investment activities. We will in this chapter focus on the challenges that are special to the investment activities and on the mapping of investors. The measurement challenges may be approached from a ‘receiver’ perspective, i...

Support systems for the diffusion of renewable energy technologies-an investor perspective

International Nuclear Information System (INIS)

Dinica, Valentina

2006-01-01

Concern over climate change impacts and the projected depletion of fossil fuels has urged more governments to adopt policies that stimulate the diffusion of renewable energy technologies (RET). With an increasingly diverse suite of support instruments, the question emerges as to which instruments or combinations are able to achieve faster, more substantial diffusion results. Although various support instruments were extensively addressed in policy studies, there is still no consensus. This is partly because many policy studies take a policy-maker approach in comparing support instruments, leaving relationships between policy design and policy results as a black box. This paper proposes an investor-oriented perspective to analyze the diffusion potential of support systems for RET. The main argument is that it is not the type of support instrument but rather its risk/profitability characteristics that influence investor behavior and the rate of diffusion. The two instruments most frequently discussed and compared are the feed-in-tariff and the quota model. The analysis in this paper concludes that policy design is crucial: while often feed-in tariffs are applauded and quota system feared, feed-in tariffs may also bring about disappointing diffusion results when poorly designed while quota systems may be also conceived as attractive instruments for independent power producers

Initial state regulation of investor-owned utilities

International Nuclear Information System (INIS)

Savitski, D.W.

2001-01-01

This paper examines state initiation of public service (or utility) commission regulation of investor-owned utilities (IOUs) using an economic theory of regulation. The decision to regulate IOUs is assumed to have depended on the strength of competing interest groups, e.g. consumers and producers, and on institutional factors, e.g. whether commissioners were appointed or elected. Regulators, which then had jurisdiction over IOU rates, are assumed to have been optimizing agents. The potential benefits of regulation, in turn, translated into pressure to initiate regulation. To test this, a hazard model is applied to state-level data. On the demand side of the regulation market, the distribution of federal power and population density were unrelated, while a set of time dummies was positively related to the probability that a state initiated regulation. On the supply side, the fraction of the population that was urban and whether the governor was Republican or not were positively and negatively related to this probability

The Spreading of Financial Crisis: Effect of Investor Behavior or of Economic Channels

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Ruxandra Vilag

2011-05-01

Full Text Available Objectives It’s very important to quantify the influence of various factors in the development offinancial crisis. Once these factors can be determined we can attempt to stop this phenomenon or at leastminimize its effects. Prior Work Previous studies have shown that the phenomenon of globalization makesextremely disturbing phenomena quickly transmitted from one market to another, provided that these marketswill be connected. But what is the explanation when countries not linked in any way react in same way at theappearance of disturbances in one of the country? Approach We study the phenomenon of contagion bycomparing the economy and financial market evolution, in Romania, during the last global financial crisis.Results We can conclude that the Romanian market actually reacts to the behavior of investors while the inthe real economy effects are felt much later and/or have a weaker intensity. Implications For investors it’simportant to follow their expectations of the market evolution much more than the current economicconditions. Value Knowing the influence of various factors in the evolution of financial markets we willknow what steps must be taken so that these crises will not be felt in the real economy or their impact will bereduced.

A Corporate Veto on Health Policy? Global Constitutionalism and Investor-State Dispute Settlement.

Science.gov (United States)

Hawkins, Benjamin; Holden, Chris

2016-10-01

The importance of trade and investment agreements for health is now widely acknowledged in the literature, with much attention now focused on the impact of investor-state dispute settlement (ISDS) mechanisms. However, much of the analysis of such agreements in the health field remains largely descriptive. We theorize the implications of ISDS mechanisms for health policy by integrating the concept of global constitutionalism with veto point theory. It is argued that attempts to constitutionalize investment law, through a proliferation of International Investment Agreements (IIAs), has created a series of new veto points at which corporations may seek to block new policies aimed at protecting or enhancing public health. The multiplicity of new veto points in this global "spaghetti bowl" of IIAs creates opportunities for corporations to venue shop; that is, to exploit the agreements, and associated veto points, through which they are most likely to succeed in blocking or deterring new regulation. These concepts are illustrated with reference to two case studies of investor-state disputes involving a transnational tobacco company, but the implications of the analysis are of equal relevance for a range of other industries and health issues. Copyright © 2016 by Duke University Press.

Age-Dependent Pre-Vaccination Immunity Affects the Immunogenicity of Varicella Zoster Vaccination in Middle-aged Adults

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Marieke van der Heiden

2018-01-01

Full Text Available BackgroundPrevention of infectious diseases is of high priority in the rapidly aging population. Unfortunately, vaccine responses in the elderly are frequently diminished. Timely vaccination of middle-aged adults might improve the immune responses to vaccines, although knowledge on pathogen-specific immune responses and factors affecting these responses, in middle-aged adults is currently limited. We thus investigated the immune responses after vaccination with Zostavax consisting of live-attenuated varicella zoster virus (VZV.MethodsBlood samples were taken pre-, 14 days, 28 days, and 1 year after a primary VZV vaccination (Zostavax at middle age (N = 53, 50–65 years of age. VZV-specific IFNγ-producing cells were measured by ELISpot, activated T-cells by flow cytometry, antibody levels and cytokine responses by fluorescent bead-based multiplex immunoassays, and whole blood cellular kinetics by TruCOUNT analysis.ResultsRobust short-term enhancement of the VZV-specific IFNγ-producing cell numbers was observed post-vaccination in the middle-aged adults. Remarkably, long-term enhancement of VZV-specific IFNγ-producing cell numbers was induced only in participants with low numbers of VZV-specific pre-vaccination IFNγ-producing cells, who were significantly older. These participants also showed enhancement of VZV-specific activated CD4 T-cells, contrary to “exhausted” VZV-specific CD8 T-cells in participants with high numbers of VZV-specific pre-vaccination IFNγ-producing cells. Finally, a high CD4/CD8 T-cell ratio was associated with low numbers of pre-vaccination VZV-specific IFNγ-producing cells.ConclusionThese results suggest that adults in their early sixties, who showed a high CD4/CD8 T-cell ratio and low numbers of VZV-specific IFNγ-producing cells, benefit from VZV vaccination. This provides important knowledge on factors affecting VZV-specific immune responses in middle-aged adults as well as for strategies to

Merton's problem for an investor with a benchmark in a Barndorff-Nielsen and Shephard market.

Science.gov (United States)

Lennartsson, Jan; Lindberg, Carl

2015-01-01

To try to outperform an externally given benchmark with known weights is the most common equity mandate in the financial industry. For quantitative investors, this task is predominantly approached by optimizing their portfolios consecutively over short time horizons with one-period models. We seek in this paper to provide a theoretical justification to this practice when the underlying market is of Barndorff-Nielsen and Shephard type. This is done by verifying that an investor who seeks to maximize her expected terminal exponential utility of wealth in excess of her benchmark will in fact use an optimal portfolio equivalent to the one-period Markowitz mean-variance problem in continuum under the corresponding Black-Scholes market. Further, we can represent the solution to the optimization problem as in Feynman-Kac form. Hence, the problem, and its solution, is analogous to Merton's classical portfolio problem, with the main difference that Merton maximizes expected utility of terminal wealth, not wealth in excess of a benchmark.

Affective Management and its Effects on Management Performance

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Waratta Authayarat

2012-01-01

Full Text Available Affective management is a new concept which suggests that top managers should take stakeholders’ affective experiences into account when making their management decisions. To show that this concept could contribute to the improvement of management performance in organizations, this study investigated the correlations between the affectiveness of top management and management performance indices. Our questionnaire based on the Affective Management Scorecard was employed to assess top managers’ recognition of the importance, as well as the actual practices of affective management. Top managers from 43 Thai organizations participated in the study. A correlation analysis was conducted to observe whether affective management indices would correlate with management performance indices, such as return on equity, return on assets, price to earnings ratio, and price to book value ratio. The findings showed that the results for organizations practicing affective management were positively correlated with their management performance in both profitability and good perceptions by investors.

Cross-cultural aging in cognitive and affective components of subjective well-being.

Science.gov (United States)

Pethtel, Olivia; Chen, Yiwei

2010-09-01

The present study examined age and cultural differences in cognitive and affective components of subjective well-being. A sample of 188 American and Chinese young and older adults completed surveys measuring self-life satisfaction, perceived family's life satisfaction, positive affect, and negative affect. Across cultures, older adults reported lower negative affect than did young adults. Americans reported higher self-life satisfaction, perceived family's life satisfaction, and positive affect than did Chinese. In addition, perceived family's life satisfaction was more related to self-life satisfaction for Chinese than for Americans. Findings are discussed in light of socioemotional selectivity theory and theories on culture and self-construal. (c) 2010 APA, all rights reserved.

Categorical Perception of emotional faces is not affected by aging

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Mandy Rossignol

2009-11-01

Full Text Available Effects of normal aging on categorical perception (CP of facial emotional expressions were investigated. One-hundred healthy participants (20 to 70 years old; five age groups had to identify morphed expressions ranging from neutrality to happiness, sadness and fear. We analysed percentages and latencies of correct recognition for nonmorphed emotional expressions, percentages and latencies of emotional recognition for morphed-faces, locus of the boundaries along the different continua and the number of intrusions. The results showed that unmorphed happy and fearful faces were better processed than unmorphed sad and neutral faces. For morphed faces, CP was confirmed, as latencies increased as a function of the distance between the displayed morph and the original unmorphed photograph. The locus of categorical boundaries was not affected by age. Aging did not alter the accuracy of recognition for original pictures, no more than the emotional recognition of morphed faces or the rate of intrusions. However, latencies of responses increased with age, for both unmorphed and morphed pictures. In conclusion, CP of facial expressions appears to be spared in aging.

A threshold model of investor psychology

Science.gov (United States)

Cross, Rod; Grinfeld, Michael; Lamba, Harbir; Seaman, Tim

2005-08-01

We introduce a class of agent-based market models founded upon simple descriptions of investor psychology. Agents are subject to various psychological tensions induced by market conditions and endowed with a minimal ‘personality’. This personality consists of a threshold level for each of the tensions being modeled, and the agent reacts whenever a tension threshold is reached. This paper considers an elementary model including just two such tensions. The first is ‘cowardice’, which is the stress caused by remaining in a minority position with respect to overall market sentiment and leads to herding-type behavior. The second is ‘inaction’, which is the increasing desire to act or re-evaluate one's investment position. There is no inductive learning by agents and they are only coupled via the global market price and overall market sentiment. Even incorporating just these two psychological tensions, important stylized facts of real market data, including fat-tails, excess kurtosis, uncorrelated price returns and clustered volatility over the timescale of a few days are reproduced. By then introducing an additional parameter that amplifies the effect of externally generated market noise during times of extreme market sentiment, long-time volatility correlations can also be recovered.

Modeling of ineffective Norms of economic Agents’ Behavior in Terms of Relationship of «Investor – Government» type

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Sokolovskyi Dmytro B.

2014-01-01

Full Text Available This paper considers relationship between investors and government in frame of their activity in some economic system. Author analyzed the reasons and proposed model of decisions (behavior of investors, depending on the parameters of economic environment in which they act. Author used the model to estimate the following: 1 the favorable conditions for agents of different groups for shifting into the economy with better investment climate; 2 the agents’ attitude towards appearance in economy of another agents’; 3 the agents’ will to invest into improvement of economic climate environment in which they act; 4 the government’s will to invest into improvement of national economy. This study suggests that the government, contrary to common belief, usually shows no real interest in maintaining and improving the economic climate in the country. Even if the economic climate is relatively unfavorable, can select tax parameters under which such a situation will satisfy not only government but also investors. Author formal argued that successive realization of natural behavioral motives of economic agents in analyzed economic system finally leads to «closure» of economics and to (establishing of incomplete market.

Financial constraints for investors and the speed of adaptation: Are innovators special?

OpenAIRE

von Kalckreuth, Ulf

2004-01-01

This paper uses a large panel of survey data on German firms in the manufacturing sector to analyse the effects of financing constraints for investors in general and for innovative firms in particular. Survey data with information on financing conditions are potentially a valuable tool that avoids the Kaplan and Zingales (1997) critique on the use of cash flow sensitivities for the identification of financial constraints. Using the autumn and the spring wave of the Ifo Institute?s Investment ...

Fanning the flames? : How media coverage of a price war impacts retailers, consumers and investors

NARCIS (Netherlands)

van Heerde, H.J.; Gijsbrechts, E.; Pauwels, K.

2015-01-01

This paper explores how media coverage of a price war impacts customer, retailer and investor reactions over time. Based on data covering a Dutch supermarket price war (2003–2005), the authors find that price reductions, and especially deep ones, trigger media coverage of the price conflict. This

Maternal and Neonatal Birth Factors Affecting the Age of ASD Diagnosis.

Science.gov (United States)

Darcy-Mahoney, Ashley; Minter, Bonnie; Higgins, Melinda; Guo, Ying; Zauche, Lauren Head; Hirst, Jessica

2016-12-01

Early diagnosis of autism spectrum disorders (ASD) enables early intervention that improves long term functioning of children with ASD but is often delayed until age of school entry. Few studies have identified factors that affect timely diagnosis. This study addressed how maternal education, race, age, marital status as well as neonatal birth factors affect the age at which a child is diagnosed with ASD. This study involved a retrospective analysis of 664 records of children treated at one of the largest autism treatment centers in the United States from March 1, 2009 to December 30, 2010. Logistic regression and Cox proportional hazards regression were used to identify maternal and neonatal factors associated with age of diagnosis. Infant gender, maternal race, marital status, and maternal age were identified as significant factors for predicting the age of ASD diagnosis. In the Cox proportional hazards regression model, only maternal race and marital status were included. Median survival age till diagnosis of children born to married mothers was 53.4 months compared to 57.8 months and 63.7 months of children born to single and divorced or widowed mothers respectively. Median survival age till diagnosis for children of African American mothers was 53.8 months compared to 57.2 months for children of Caucasian mothers. No statistically significant difference of timing of ASD diagnosis was found for children of varying gestational age. Children born to older or married mothers and mothers of minority races were more likely to have an earlier ASD diagnosis. No statistically significant differences in timing of ASD diagnosis were found for children born at varying gestational ages. Identification of these factors has the potential to inform public health outreach aimed at promoting timely ASD diagnosis. This work could enhance clinical practice for timelier diagnoses of ASD by supporting parents and clinicians around the world in identifying risk factors beyond gender

Does Mispricing Affect Investment And Capital Structure Of Indonesian Firms?

OpenAIRE

Rinofah, Risal; Trinugroho, Irwan

2011-01-01

Stock price movement is not entirely a reflection of its fundamental value because of there are non-fundamental factors such as market sentiment (Keynes, 1936), behavioral biases of investors (Lakonishok et al., 1994), systematic errors when assessing stock (Stein, 1996), asymmetric information (Tobin, 1969) causing the value of stock deviate from its fundamental value (misprice). This condition can affect corporate investment decisions because managers can take advantage of overvalued stock ...

Empirical Analysis of the Financial Behavior of Investors with Brand Approach (Case Study: Tehran Stock Exchange

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Asgarnezhad Nouri Bagher

2017-03-01

Full Text Available Behavioral science in the field of finance and investment is among new topics raised in recent years. The relationship between financial sciences and other fields of social sciences such as financial psychology has caused researchers to do many researches regarding the behavior of investors in the financial markets and their reactions to different situations. Based on the theories of financial behavior, shareholders' decision to buy and sell stocks is under the influence of internal and external psychological factors. Through designing and experimental testing of the model of investors' financial behavior in the Tehran Stock Exchange with an emphasis on brand, this study was an attempt to investigate the influence of these factors. To this end, financial, psychological and social factors were considered as the most important external factors influencing the behavior of investors and, considering the mediating role of brand awareness, their impact on perceived risk and perceived return as well as investment intention was tested. The research population consisted of all individual investors in the Tehran Stock Exchange. In order to determine the sample size, considering unlimited population, Cochran formula was used and hence the sample size was determined to be 145. For data collection, standard questionnaire was used. Confirmatory factor analysis was used to test the reliability of the questionnaire and the research hypotheses were tested using path analysis. The results showed that psychological factors have a positive impact on perceived risk and returns. Financial factors had a positive impact on perceived risk but no impact on perceived return. The impact of social factors on perceived risk and perceived return was not confirmed. Moreover, the results showed that brand awareness has a moderating role in the relationship between social factors and perceived risk and return. However, its moderating role was not confirmed in the relationship

Somatic and cognitive-affective depressive symptoms among patients with heart disease: differences by sex and age

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Carina Aparecida Marosti Dessotte

2015-04-01

Full Text Available OBJECTIVE: this study investigated the association of somatic and cognitive-affective symptoms with sex and age, among patients hospitalized with heart disease. METHOD: this study was a secondary analysis of two previous observational studies totaling 531 patients with heart disease, hospitalized from 2005 to 2011 in two public hospitals in Ribeirão Preto, state of São Paulo, Brazil. Somatic and cognitive-affective symptoms were assessed using the subscales of the Beck Depression Inventory - I (BDI-I. RESULTS: of 531 participants, 62.7% were male, with a mean age 57.3 years (SD= 13.0 for males and 56.2 years (SD= 12.1 for females. Analyses of variance showed an effect of sex (p<0.001 for somatic and p=0.005 for cognitive-affective symptoms, but no effect of age. Women presented with higher mean values than men in both BDI-I subscales: 7.1 (4.5 vs. 5.4 (4.3 for somatic, and 8.3 (7.9 vs. 6.7 (7.2 for cognitive-affective symptoms. There were no differences by age for somatic (p=0.84 or cognitive-affective symptoms (p=0.84. CONCLUSION: women hospitalized with heart disease had more somatic and cognitive-affective symptoms than men. We found no association of somatic and cognitive-affective symptoms with age. Future research for these patients could reveal whether these differences according to sex continue throughout the rehabilitation process.

Maternal aging affects oocyte resilience to carbonyl cyanide-m-chlorophenylhydrazone -induced mitochondrial dysfunction in cows.

Directory of Open Access Journals (Sweden)

Kazuki Kansaku

Full Text Available Mitochondrial quality control is important for maintaining cellular and oocyte viability. In addition, aging affects mitochondrial quality in many cell types. In the present study, we examined how aging affects oocyte mitochondrial biogenesis and degeneration in response to induced mitochondrial dysfunction. Cumulus oocyte complexes were harvested from the ovaries of young (21‒45 months and aged (≥120 months cows and treated for 2 hours with 10 μM carbonyl cyanide-m- chlorophenylhydrazone (CCCP, or a vehicle control, after which cumulus oocyte complexes were subjected to in vitro fertilization and culture. CCCP treatment reduced ATP content and increased reactive oxygen species (ROS levels in the oocytes of both young and aged cows. When CCCP-treated cumulus oocyte complexes were subsequently cultured for 19 hours and/or subjected to fertilization, high ROS levels in oocytes and a low rate of blastocyst development was observed in oocytes derived from aged cows. In addition, we observed differential responses in mitochondrial biogenesis to CCCP treatment between young and aged cows. CCCP treatment enhanced mitochondrial biogenesis concomitant with upregulation of SIRT1 expression in oocytes of young, but not aged, cows. In conclusion, aging affects mitochondrial quality control and recuperation of oocytes following CCCP-induced mitochondrial dysfunction.

Interpretasi Investor Non-Profesional Atas Implementasi International Financial Reporting Standard (IFRS) 8 Dan Pernyataan Standar Akuntansi Keuangan (PSAK) 5 Dalam Perspektif Framing Information

OpenAIRE

Suryandari, Erni; Arisanti, Imelda Puspita

2017-01-01

This study attemps to determines the effects of variable implementation of IFRS 8 which differs in IFRS 8 positive frame, IFRS 8 negative frame, PSAK 5 positive frame, and PSAK 5 negative frame toward non profesional investor's interpretation. This experiment study is an experiment with factorial design 2x2 between subject. The subject is 120 participants from accounting undergraduate students of Muhammadiyah Yogyakarta University as a subtitute of non professional investors. Data analysis us...

Emergence of new Russian and foreign investors in the Russian oil and gas complex

International Nuclear Information System (INIS)

Arbatov, A.A.

1996-01-01

A critical analysis is presented of the factors influencing foreign investment in Russian oil and gas exploration and production. Greater stability in the Russian economy would help and unfortunately some elements of the Russian bureaucracy hinder quick decision making. Western investors could improve their position by concentrating on developments which are unlikely to be developed by Russian companies in the next decade. (author)

What affects the age of first sleeping through the night?

Science.gov (United States)

Adams, S M; Jones, D R; Esmail, A; Mitchell, E A

2004-03-01

To ascertain the age at which an infant first sleeps regularly through the night and the factors affecting this age. A representative cross sectional sample of 700 infants in south-east England were studied. Information was collected on 511 (73.0%) of the infants by parental interview. Obstetric records were also examined. Fifty per cent of babies slept through by 8 weeks and 75% by 12 weeks. Multivariate survival analysis used to investigate 61 potential factors found that a heavier birthweight, female gender and co-sleeping less than 2 hours or not at all; younger mothers, school leaving age less than 17 years, stress factors (divorce and no separation from partner for more than a month in the last 12 months); no central heating, and the baby not sharing a room with siblings were associated with an earlier age at which an infant first sleeps through the night. Little of the variation between children in age of first sleeping through the night could be explained by these nine factors.

Form and Function in Doing Business Rankings: is Investor Protection in Italy Still so Bad?

Directory of Open Access Journals (Sweden)

Luca Enriques

2016-07-01

Full Text Available The World Bank’s Doing Business Report (DBR ranks every year numerous jurisdictions across the globe according to their ability to facilitate business activities. Among the indexes contributing to the definition of the global competitiveness of the legislations, the “Protecting investors index” (PII measures the protection of minority shareholders in listed companies. In this paper, we analyse the DBR’s assessment of the Italian regulatory framework on investor protection. We find that the PII falls short of properly evaluating the applicable rules. First, it underrates Italy because the DBR evaluation falls short of properly evaluating the role performed by independent directors under Italian rules on related party transactions. In particular, the DBR fails to properly account for independent directors’ power to veto unfair transactions before they are submitted to the board, a safeguard that ensures minority investors’ protection at least as well as mandatory abstention by conflicted directors. Second, past DBR overrated the PII, so that subsequent reforms that substantially improved investor protection have not been grasped by more recent assessments, giving the misleading impression that no relevant changes have occurred. Far from representing one of the multiple coding errors reported in the literature, these flaws aptly show that the DBR methodology, while correctly attempting to preserve consistency in the evaluation of different jurisdictions, adopts an excessively formalistic approach and disregards the function of the rules it scrutinizes. In light of the influence that the DBR exerts on national policymakers, this approach is detrimental because it might induce window-dressing reforms. Moreover, it may rule out experimentation, which is key to ensuring that the applicable rules keep pace with the variety of techniques adopted to expropriate minority shareholders.

Investigating the factors affecting the investment decision in residential development.

OpenAIRE

Narang, Somil

2007-01-01

The purpose of this project is to provide a rare insight into the motivation behind residential property investors when looking to purchase an apartment. The factors driving demand preferences for housing are constantly changing, difficult to measure, and often deemed to be a complex bundle of attributes. The project attempts to answer the following questions: What are the factors affecting the investment decision in a Residential Development? To identify the significance and weight of su...

The moderating effects of aging and cognitive abilities on the association between work stress and negative affect.

Science.gov (United States)

Hyun, Jinshil; Sliwinski, Martin J; Almeida, David M; Smyth, Joshua M; Scott, Stacey B

2018-05-01

Given that the association between work stress and negative affect can exacerbate negative health and workplace outcomes, it is important to identify the protective and risk factors that moderate this association. Socioemotional aging and cognitive abilities might influence how people utilize emotion regulation skills and engage in practical problem solving to manage their work stress. The aim of this study is to examine whether age and cognitive abilities independently and interactively moderate the association between work-related stress and negative affect. A diverse working adult sample (N = 139, age 25-65, 69% of females) completed a cross-sectional survey that assessed chronic work stress, negative affect, and fluid and crystallized cognitive abilities. Results from regression analyses suggested that both fluid and crystallized cognitive abilities, but not age, moderated the association between work stress and negative affect. Further, we found that crystallized cognition had a stronger attenuating effect on the work stress-negative affect association for older compared to younger workers. The moderating effect of fluid cognition was invariant across age. Our findings demonstrate that cognitive abilities are an important personal resource that might protect individuals against the negative impacts of work stress and negative affect. Although the role that fluid cognition plays in work stress-negative affect association is comparably important for both younger and older workers, crystallized cognition might play a more valuable role for older than younger workers.

Using Neural Data to Test A Theory of Investor Behavior: An Application to Realization Utility.

Science.gov (United States)

Frydman, Cary; Barberis, Nicholas; Camerer, Colin; Bossaerts, Peter; Rangel, Antonio

2014-04-01

We use measures of neural activity provided by functional magnetic resonance imaging (fMRI) to test the "realization utility" theory of investor behavior, which posits that people derive utility directly from the act of realizing gains and losses. Subjects traded stocks in an experimental market while we measured their brain activity. We find that all subjects exhibit a strong disposition effect in their trading, even though it is suboptimal. Consistent with the realization utility explanation for this behavior, we find that activity in the ventromedial prefrontal cortex, an area known to encode the value of options during choices, correlates with the capital gains of potential trades; that the neural measures of realization utility correlate across subjects with their individual tendency to exhibit a disposition effect; and that activity in the ventral striatum, an area known to encode information about changes in the present value of experienced utility, exhibits a positive response when subjects realize capital gains. These results provide support for the realization utility model and, more generally, demonstrate how neural data can be helpful in testing models of investor behavior.

Constraints of green financing in the Netherlands. The lack of confidence of investors in the Dutch government

International Nuclear Information System (INIS)

2000-01-01

The new fiscal policy in the Netherlands has consequences for investments in sustainable ('green') energy projects. A brief overview is given of the complaints of investors with respect to the Tax Plan of the Dutch government for the 21st century

Accounting standards and investor perception of earnings quality: IAS/IFRS vs. German Gaap

OpenAIRE

Ferrari Mascia; Momentè Francesco; Reggiani Francesco

2011-01-01

We analyze the earnings quality under the IAS/IFRS and German GAAP by evaluating the earnings management degree in IAS and HGB adopters and by investigating what is the level of uncertainty (reliability) that investors perceive from the earnings announced. Our results show that IAS and HGB adopters do not present any significant differences in earnings management, if we examine the working capital accruals, while IAS/IFRS sub-sample is less engaged in earnings management, considering the tota...

Factors affecting age of onset of menopause and determination of quality of life in menopause

Directory of Open Access Journals (Sweden)

Burcu Ceylan

2015-03-01

Full Text Available Menopause is a process in the climacteric period, characterized by a reduction in ovarian activity, a fall in the fertility rate, and a range of symptoms including irregular menstruation intervals. Most women enter menopause in their 40s, but this can vary from one individual to another. Although there are many factors affecting the age of menopause onset, there is no general agreement on them. Studies have shown many factors to affect the age of menopause, such as the mother’s age at menopause, the age at menarche, gestational age, use of oral contraceptives, irregular menstrual cycle, number of pregnancies, body mass index, use of tobacco and alcohol, physical activity, unilateral oophorectomy, serum lead levels, consumption of polyunsaturated fat, socioeconomic status and educational level. During this period, hormonal and biochemical changes give rise to various symptoms in the woman’s body. In menopause period, physical, psychological, social and sexual changes have a negative effect on quality of life in women. Recently, different measures have been used to assess women’s quality of life in this period of change. The purpose of this review was to examine the factors affecting the onset age of menopause and the measures of quality of life related to menopause.

Do Aging and Tactile Noise Stimulation Affect Responses to Support Surface Translations in Healthy Adults?

Directory of Open Access Journals (Sweden)

Marius Dettmer

2016-01-01

Full Text Available Appropriate neuromuscular responses to support surface perturbations are crucial to prevent falls, but aging-related anatomical and physiological changes affect the appropriateness and efficiency of such responses. Low-level noise application to sensory receptors has shown to be effective for postural improvement in a variety of different balance tasks, but it is unknown whether this intervention may have value for improvement of corrective postural responses. Ten healthy younger and ten healthy older adults were exposed to sudden backward translations of the support surface. Low-level noise (mechanical vibration to the foot soles was added during random trials and temporal (response latency and spatial characteristics (maximum center-of-pressure excursion and anterior-posterior path length of postural responses were assessed. Mixed-model ANOVA was applied for analysis of postural response differences based on age and vibration condition. Age affected postural response characteristics, but older adults were well able to maintain balance when exposed to a postural perturbation. Low-level noise application did not affect any postural outcomes. Healthy aging affects some specific measures of postural stability, and in high-functioning older individuals, a low-level noise intervention may not be valuable. More research is needed to investigate if recurring fallers and neuropathy patients could benefit from the intervention in postural perturbation tasks.

Court rules against failed viatical firm in investor suit.

Science.gov (United States)

1999-10-01

A Federal appeals court has revived a claim against Dignity Partners Inc., a viatical business, and offshoot of a financial-services firm. Dignity Partners operated by buying the life insurance policies of terminally ill people. The company was charged with making false and misleading statements in its prospectus for an initial public stock offering. Five months later, the company announced that it would not accept new customers with AIDS, a group which represented 95 percent of its accounts at that time. The company had information from researchers and clinicians that the introduction of protease inhibitors would greatly increase life expectancy for its customers and would reduce company profits. This information was not generally available to potential investors. The suit against the company alleges violations of the Securities Act of 1933 and the Exchange Act of 1934, both which govern stock trading.

Big ambitions for small reactors as investors size up power options

Energy Technology Data Exchange (ETDEWEB)

Shepherd, John [nuclear24, Redditch (United Kingdom)

2016-04-15

Earlier this year, US nuclear developer NuScale Power completed a study for the UK's National Nuclear Laboratory (NNL) that supported the suitability of NuScale's small modular reactor (SMR) technology for the effective disposition of plutonium. The UK is a frontrunner to compete in the SMR marketplace, both in terms of technological capabilities, trade and political commitment. Industry observers are openly speculating whether SMR design and construction could start to move ahead faster than 'big and conventional' nuclear construction projects - not just in the UK but worldwide. Economies of scale could increase the attraction of SMRs to investors and the general public.

State-investor disputes connected to foreign investments in the nuclear energy sector: A review of the two cases arising under the energy charter treaty

Directory of Open Access Journals (Sweden)

Stanivuković Maja

2011-01-01

Full Text Available The idea of foreign investments in nuclear energy sector is relatively new. Foreign investors were for a long time denied an opportunity to invest in the sector which was considered to be too sensitive for reasons of safety and security. Together with the change of an attitude towards foreign private investment in this area a possibility of disputes between foreign investors and the host State also emerged. The Energy Charter Treaty represents the only currently existing comprehensive legal instrument of multilateral character which specifically provides for protection of foreign investments in the energy sector against non-commercial risks and establishes a mechanism for resolution of investment disputes. The article contains a review of the cases of HEP v. Slovenia and AMTO v. Ukraine, the only two arbitrations that have arisen so far under the ECT from disputes concerning foreign investments in the nuclear sector. Their analysis shows that the involvement of State in this sector is indispensable but it should be exercised with respect for rights of investors protected by international law. Regulatory measures introduced by the State to protect certain important interest, such as public health, safety, security or the environment, may be perceived by the investor as having equivalent effect to expropriation. Regulatory uncertainty is considered to be one of the main deterrents to investment in new nuclear plants.

Mood, motivation, and misinformation: aging and affective state influences on memory.

Science.gov (United States)

Hess, Thomas M; Popham, Lauren E; Emery, Lisa; Elliott, Tonya

2012-01-01

Normative age differences in memory have typically been attributed to declines in basic cognitive and cortical mechanisms. The present study examined the degree to which dominant everyday affect might also be associated with age-related memory errors using the misinformation paradigm. Younger and older adults viewed a positive and a negative event, and then were exposed to misinformation about each event. Older adults exhibited a higher likelihood than young adults of falsely identifying misinformation as having occurred in the events. Consistent with expectations, strength of the misinformation effect was positively associated with dominant mood, and controlling for mood eliminated any age effects. Also, motivation to engage in complex cognitive activity was negatively associated with susceptibility to misinformation, and susceptibility was stronger for negative than for positive events. We argue that motivational processes underlie all of the observed effects, and that such processes are useful in understanding age differences in memory performance.

Large-Scale Land Acquisition and Its Effects on the Water Balance in Investor and Host Countries.

Science.gov (United States)

Breu, Thomas; Bader, Christoph; Messerli, Peter; Heinimann, Andreas; Rist, Stephan; Eckert, Sandra

2016-01-01

This study examines the validity of the assumption that international large-scale land acquisition (LSLA) is motivated by the desire to secure control over water resources, which is commonly referred to as 'water grabbing'. This assumption was repeatedly expressed in recent years, ascribing the said motivation to the Gulf States in particular. However, it must be considered of hypothetical nature, as the few global studies conducted so far focused primarily on the effects of LSLA on host countries or on trade in virtual water. In this study, we analyse the effects of 475 intended or concluded land deals recorded in the Land Matrix database on the water balance in both host and investor countries. We also examine how these effects relate to water stress and how they contribute to global trade in virtual water. The analysis shows that implementation of the LSLAs in our sample would result in global water savings based on virtual water trade. At the level of individual LSLA host countries, however, water use intensity would increase, particularly in 15 sub-Saharan states. From an investor country perspective, the analysis reveals that countries often suspected of using LSLA to relieve pressure on their domestic water resources--such as China, India, and all Gulf States except Saudi Arabia--invest in agricultural activities abroad that are less water-intensive compared to their average domestic crop production. Conversely, large investor countries such as the United States, Saudi Arabia, Singapore, and Japan are disproportionately externalizing crop water consumption through their international land investments. Statistical analyses also show that host countries with abundant water resources are not per se favoured targets of LSLA. Indeed, further analysis reveals that land investments originating in water-stressed countries have only a weak tendency to target areas with a smaller water risk.

Large-Scale Land Acquisition and Its Effects on the Water Balance in Investor and Host Countries.

Directory of Open Access Journals (Sweden)

Thomas Breu

Full Text Available This study examines the validity of the assumption that international large-scale land acquisition (LSLA is motivated by the desire to secure control over water resources, which is commonly referred to as 'water grabbing'. This assumption was repeatedly expressed in recent years, ascribing the said motivation to the Gulf States in particular. However, it must be considered of hypothetical nature, as the few global studies conducted so far focused primarily on the effects of LSLA on host countries or on trade in virtual water. In this study, we analyse the effects of 475 intended or concluded land deals recorded in the Land Matrix database on the water balance in both host and investor countries. We also examine how these effects relate to water stress and how they contribute to global trade in virtual water. The analysis shows that implementation of the LSLAs in our sample would result in global water savings based on virtual water trade. At the level of individual LSLA host countries, however, water use intensity would increase, particularly in 15 sub-Saharan states. From an investor country perspective, the analysis reveals that countries often suspected of using LSLA to relieve pressure on their domestic water resources--such as China, India, and all Gulf States except Saudi Arabia--invest in agricultural activities abroad that are less water-intensive compared to their average domestic crop production. Conversely, large investor countries such as the United States, Saudi Arabia, Singapore, and Japan are disproportionately externalizing crop water consumption through their international land investments. Statistical analyses also show that host countries with abundant water resources are not per se favoured targets of LSLA. Indeed, further analysis reveals that land investments originating in water-stressed countries have only a weak tendency to target areas with a smaller water risk.

Why investors shy away from coal

International Nuclear Information System (INIS)

Roling, D.A.

1994-01-01

Why do investors shy away from coal? This may sound like a strange question given the change in ownership of many major coal companies in recent years, but the ongoing consolidation within the coal industry is quite different from any actual new investment in the industry. To begin to understand why, one must return to the early '70s, a time of low-cost, abundant energy. The price of oil was about $2-4/bbl until 1973. The price of natural gas was about 60 cents/M ft 3 , and coal was approximately $7/st. This, however, was before the first Organization of the Petroleum Exporting Countries (OPEC) shock. The price of coal declined throughout the 1980s, and continues its downward path in some markets. Many coal investments have not achieved their expected return, such as the case of a 1M st/yr mine in West Virginia, which was developed in the early '80s only to be put immediately on a care-and-maintenance basis, where it languished until it was sold in 1990. Other mines, such as the large open-pit mines in the Powder River Basin in Wyoming, never reached their targeted production rates. Some of these large mines had equipment that remained in crates for years, only later to be sold at a loss. The extent of losses on investments in coal mines is discussed

Advantages and risks of foreign investors' participation in the projects of public-private partnership

OpenAIRE

I. Bohdan

2013-01-01

The purpose of this article is investigating the role of foreign investments in a contemporary globalized economy as a factor of acceleration of the national economic development. Based on the analysis of international trends in the investment projects involving foreign investors the author proves that active gross fixed capital formation, particularly in low- and middle-income countries, is largely determined by the availability of efficient mechanisms to attract foreign investments into the...

Dietary restriction of rodents decreases aging rate without affecting initial mortality rate -- a meta-analysis.

Science.gov (United States)

Simons, Mirre J P; Koch, Wouter; Verhulst, Simon

2013-06-01

Dietary restriction (DR) extends lifespan in multiple species from various taxa. This effect can arise via two distinct but not mutually exclusive ways: a change in aging rate and/or vulnerability to the aging process (i.e. initial mortality rate). When DR affects vulnerability, this lowers mortality instantly, whereas a change in aging rate will gradually lower mortality risk over time. Unraveling how DR extends lifespan is of interest because it may guide toward understanding the mechanism(s) mediating lifespan extension and also has practical implications for the application of DR. We reanalyzed published survival data from 82 pairs of survival curves from DR experiments in rats and mice by fitting Gompertz and also Gompertz-Makeham models. The addition of the Makeham parameter has been reported to improve the estimation of Gompertz parameters. Both models separate initial mortality rate (vulnerability) from an age-dependent increase in mortality (aging rate). We subjected the obtained Gompertz parameters to a meta-analysis. We find that DR reduced aging rate without affecting vulnerability. The latter contrasts with the conclusion of a recent analysis of a largely overlapping data set, and we show how the earlier finding is due to a statistical artifact. Our analysis indicates that the biology underlying the life-extending effect of DR in rodents likely involves attenuated accumulation of damage, which contrasts with the acute effect of DR on mortality reported for Drosophila. Moreover, our findings show that the often-reported correlation between aging rate and vulnerability does not constrain changing aging rate without affecting vulnerability simultaneously. © 2013 John Wiley & Sons Ltd and the Anatomical Society.

Why are investors not interested in my radiotracer? The industrial and regulatory constraints in the development of radiopharmaceuticals

International Nuclear Information System (INIS)

Zimmermann, Richard G.

2013-01-01

Four criteria are essential in the acceptance by investors of new radiopharmaceuticals: the existence of a market and a medical need, the quality of the science and technology behind the new molecule, the feasibility and compliance with regulations and the limited competitive landscape. Potential investors need to get more convincing market evidence, largely beyond the nice preclinical data generated to the point of first discussion. A properly protected compound not jeopardized by earlier published results is a must. A guarantee of an easy and secured source of the ligand is obvious. A safe access to the radionuclide in volumes corresponding to the targeted market is rarely taken into account, but of utmost importance. The evaluation of new drugs by investors will include the evaluation of the real market size for the targeted indication and the position of the drug in the healthcare environment at the time to market. This includes the potential competition with other radiopharmaceuticals, but also with conventional drugs or competitive modalities also at time to market. Both criteria are usually not easily accessible to researchers whose acquaintance remains limited to the scientific and technical part. Starting from this set of information, a first business plan can be deduced based on a best estimate for price per dose and a rough evaluation about the chance and level of reimbursement. In the following most of the events are covered that could jeopardize the development of the drug, focusing on the industrial, economic and regulatory aspects, comprehending the detailed analysis of the currently best available radionuclides

Global Factors that Affect the Real Estate Markets in the EU

Directory of Open Access Journals (Sweden)

Povilas Švogžlys

2016-06-01

Full Text Available The place, neighbourhood, infrastructure, and apartment plan are the main factors which have an influence on price for the buyers, sellers, investors, or brokers participating in the buying and selling processes of real estate. Participants of the process forget frequently that there are more crucial factors which can affect not only the prices of property, but the prices of real estate in the whole region as well in the future. The article uses benchmarking and discuss the main external factors which affect the real estate market in the European Union, the current events and the proposals are presented and the specific conclusions are identified.

Leisure Activity Engagement and Positive Affect Partially Mediate the Relationship Between Positive Views on Aging and Physical Health.

Science.gov (United States)

Hicks, Stephanie A; Siedlecki, Karen L

2017-03-01

To examine leisure activity engagement and positive affect as potential mediators for the relationships between positive views on aging (PVA) and two health outcomes: subjective health and physical limitations. Data from 5,194 participants from the German Ageing Survey (aged 40-91 years) were used to examine relationships between PVA to subjective health (assessed by self-rated health and perceived health change from past) and physical limitations (assessed via self-reported limitations on 10 activities). Leisure activity engagement and positive affect were examined as potential mediators in latent variable path analyses. Age moderation among these relationships was also examined. Leisure activity engagement and positive affect separately and jointly served to partially mediate the relationships between PVA and the health outcomes. When entered as joint mediators, positive affect no longer significantly predicted physical limitations, indicating a shared variance with leisure activity engagement. Age moderated the relationship between PVA and physical limitations; the relationship was stronger among older adults than among middle-aged adults. Leisure activity engagement and positive affect were shown to help explain the relationship between PVA and health, but differently for different health constructs and also among middle-aged and older adults. Findings provide further insight into ways in which PVA influence health. © The Author 2016. Published by Oxford University Press on behalf of The Gerontological Society of America. All rights reserved. For permissions, please e-mail: journals.permissions@oup.com.

NFP Investor Conference. Growth is back in sight.

Science.gov (United States)

Haugh, Richard

2002-06-01

In a whirlwind of high-stakes meetings in New York City in mid-May, two dozen of the nation's largest hospitals and health systems strutted their stuff with a single goal: securing their future. Their message was clear: back-to-basics works, and now it's time to grow the business. Executives from 23 providers outlined their work on increasing revenue, boosting margins and shoring up balance sheets. They presented their market positions, strategic initiatives and financial results for investment analysts, credit raters and bond traders. The third annual Non-Profit Healthcare Investor Conference was co-sponsored by the American Hospital Association, Health Forum, the Healthcare Financial Management Association and Salomon Smith Barney. The focus on growth doesn't come without challenges Several common themes emerged from the presentations, among them pressure on reimbursement, workforce shortages, liability insurance issues and capacity constraints. Yet executives agree: it all comes down to the basics, and building the strength to keep their missions alive. As Thomas Meier, vice president and treasurer of Oakland, Calif.-based Kaiser Permanente, put it: "No margin, no mission, no más."

Forecasting ability of the investor sentiment endurance index: The case of oil service stock returns and crude oil prices

International Nuclear Information System (INIS)

He, Ling T.; Casey, K.M.

2015-01-01

Using a binomial probability distribution model this paper creates an endurance index of oil service investor sentiment. The index reflects the probability of the high or low stock price being the close price for the PHLX Oil Service Sector Index. Results of this study reveal the substantial forecasting ability of the sentiment endurance index. Monthly and quarterly rolling forecasts of returns of oil service stocks have an overall accuracy as high as 52% to 57%. In addition, the index shows decent forecasting ability on changes in crude oil prices, especially, WTI prices. The accuracy of 6-quarter rolling forecasts is 55%. The sentiment endurance index, along with the procedure of true forecasting and accuracy ratio, applied in this study provides investors and analysts of oil service sector stocks and crude oil prices as well as energy policy-makers with effective analytical tools

Factors affecting nocturnal enuresis amongst school-aged children: brief report

OpenAIRE

Ashrafalsadat Hakim; Farshid Kompani; Mohammad Bahadoram

2015-01-01

Enuresis is the inability to control urination during sleep. It is one of the most common childhood urologic disorders. Nocturnal enuresis refers to the occurrence of involuntary voiding at night after 5 years. Persistent nocturia can decrease self-esteem, increase anxiety and other emotional problems in children. The aim of this study is to evaluate the factors affecting nocturia amongst school-aged children. Methods: This cross- sectional study was conducted on 200 children over a period...

Affective Norms for Italian Words in Older Adults: Age Differences in Ratings of Valence, Arousal and Dominance.

Science.gov (United States)

Fairfield, Beth; Ambrosini, Ettore; Mammarella, Nicola; Montefinese, Maria

2017-01-01

In line with the dimensional theory of emotional space, we developed affective norms for words rated in terms of valence, arousal and dominance in a group of older adults to complete the adaptation of the Affective Norms for English Words (ANEW) for Italian and to aid research on aging. Here, as in the original Italian ANEW database, participants evaluated valence, arousal, and dominance by means of the Self-Assessment Manikin (SAM) in a paper-and-pencil procedure. We observed high split-half reliabilities within the older sample and high correlations with the affective ratings of previous research, especially for valence, suggesting that there is large agreement among older adults within and across-languages. More importantly, we found high correlations between younger and older adults, showing that our data are generalizable across different ages. However, despite this across-ages accord, we obtained age-related differences on three affective dimensions for a great number of words. In particular, older adults rated as more arousing and more unpleasant a number of words that younger adults rated as moderately unpleasant and arousing in our previous affective norms. Moreover, older participants rated negative stimuli as more arousing and positive stimuli as less arousing than younger participants, thus leading to a less-curved distribution of ratings in the valence by arousal space. We also found more extreme ratings for older adults for the relationship between dominance and arousal: older adults gave lower dominance and higher arousal ratings for words rated by younger adults with middle dominance and arousal values. Together, these results suggest that our affective norms are reliable and can be confidently used to select words matched for the affective dimensions of valence, arousal and dominance across younger and older participants for future research in aging.

Analysis of stock market returns of American and European stock market from the view of an American and a European investor

Directory of Open Access Journals (Sweden)

Oldřich Šoba

2005-01-01

Full Text Available The paper is focused on the analysis of stock market returns of American and European stock market for different investment horizon from the view of an American and European investor. The paper also partly resumes, in the part of analysis of USD/EUR exchange rate influence on market returns of mentioned stock market, research paper REJNUŠ, O., ŠOBA, O.: Changes in the USD/EUR exchange rate and their impact on the return of stock indexes from the viewpoint of a European and of an American investor. ACTA UNIVERSITATIS AGRICULTURAE ET SILVICULTURAE MENDELIANAE BRU- NENSIS, Vol. LII, No. 6, 2004, pg. 145–159, ISSN 1211-8516.The development of both American and European stock market is put on the development of two, structure-similar Standard & Poor’s exchange indexes, particularly S&P 500 and S&P Europe 350. According to the USD/EUR exchange rate, there were used the values published by FED, with the oldest data there were accepted the count ECU to EUR. The data were taken both from the weekly closing values of mentioned stock indexes and weekly closing values of USD/EUR exchange rate.The analysis was done with using the methods of quantification of „running market returns“ (recount to the average annual values of indexes from the view of both investors within the set investment horizon. The elemental statistical level characteristic – simple average, median and statistical characteristic of variability – standard deviation and variation coefficient were quantified from this time series of annual running market returns. The analysis, which was purposely oriented to six basic different long investment horizon (1 year, 2 years, 3 years, 5 years, 7 years, 10 years, has approved that in focused term of 1980–2004 the market returns of picked stock market from the view of both investors (American and European was generally higher in longer investment horizon than in the shorter investment horizon. The values of variation coefficient in

The Factors affect equity investors in India

Directory of Open Access Journals (Sweden)

Hossein Niavand

2017-11-01

Full Text Available Financial specialist conduct is a focal idea in the behavioral fund which breaks down the impact of different factors on singular value speculator basic leadership. The nature and centrality of these factors on financial specialist basic leadership can be unique and intriguing in different nations. This investigation, thusly, looks at the impact of financial, and behavioral, factors in molding the venture conduct of value speculators in India. The factor incorporates advocate suggestion, unbiased data, individual back requirements, bookkeeping data, established riches expansion and mental self-view/firm-picture incident. The examination found the solid impact of mental self-portrait/firm-picture occurrence, unbiased data, and supporter suggestion on value speculator basic leadership. While, no impacts of variables like great riches amplification, bookkeeping data, and individual budgetary needs are found on value financial specialist's basic leadership with regards to India.

Firm's health going south. Federal authorities charge HealthSouth, leader Scrushy with 'massive accounting fraud,' systematic betrayal of investors.

Science.gov (United States)

Romano, Michael

2003-03-24

HealthSouth and its chief executive Richard Scrushy, left, find themselves coping with a public relations nightmare after federal officials last week charged the rehabilitation giant with "massive accounting fraud" and a systematic betrayal of tens of thousands of investors.

Age effects on preattentive and early attentive auditory processing of redundant stimuli: is sensory gating affected by physiological aging?

Science.gov (United States)

Gmehlin, Dennis; Kreisel, Stefan H; Bachmann, Silke; Weisbrod, Matthias; Thomas, Christine

2011-10-01

The frontal hypothesis of aging predicts an age-related decline in cognitive functions requiring inhibitory or attentional regulation. In Alzheimer's disease, preattentive gating out of redundant information is impaired. Our study aimed to examine changes associated with physiological aging in both pre- and early attentive inhibition of recurrent acoustic information. Using a passive double-click paradigm, we recorded mid-latency (P30-P50) and late-latency (N100 and P200) evoked potentials in healthy young (26 ± 5 years) and healthy elderly subjects (72 ± 5 years). Physiological aging did not affect auditory gating in amplitude measures. Both age groups exhibited clear inhibition in preattentive P50 and attention-modulated (N100) components, whereas P30 was not attenuated. Irrespective of age, the magnitude of inhibition differed significantly, being most pronounced for N100 gating. Inhibition of redundant information seems to be preserved with physiological aging. Early attentive N100 gating showed the maximum effect. Further studies are warranted to evaluate sensory gating as a suitable biomarker of underlying neurodegenerative disease.

Thermal Aging Effects on Heat Affected Zone of Alloy 600 in Dissimilar Metal Weld

Energy Technology Data Exchange (ETDEWEB)

Ham, Jun Hyuk; Choi, Kyoung Joon; Yoo, Seung Chang; Kim, Ji Hyun [UNIST, Ulsan (Korea, Republic of)

2016-05-15

Dissimilar metal weld (DMW), consists of Alloy 600, Alloy 182, and A508 Gr.3, is now being widely used as the reactor pressure vessel penetration nozzle and the steam generator tubing material for pressurized water reactors (PWR) because of its mechanical property, thermal expansion coefficient, and corrosion resistance. The heat affected zone (HAZ) on Alloy 600 which is formed by welding process is critical to crack. According to G.A. Young et al. crack growth rates (CGR) in the Alloy 600 HAZ were about 30 times faster than those in the Alloy 600 base metal tested under the same conditions [3]. And according to Z.P. Lu et al. CGR in the Alloy 600 HAZ can be more than 20 times higher than that in its base metal. To predict the life time of components, there is a model which can calculate the effective degradation years (EDYs) of the material as a function of operating temperature. This study was conducted to investigate how thermal aging affects the hardness of dissimilar metal weld from the fusion boundary to Alloy 600 base metal and the residual strain at Alloy 600 heat affected zone. Following conclusions can be drawn from this study. The hardness, measured by Vickers hardness tester, peaked near the fusion boundary between Alloy 182 and Alloy 600, and it decreases as the picked point goes to Alloy 600 base metal. Even though the formation of precipitate such as Cr carbide, thermal aging doesn't affect the value and the tendency of hardness because of reduced residual stress. According to kernel average misorientation mapping, residual strain decreases when the material thermally aged. And finally, in 30 years simulated specimen, the high residual strain almost disappears. Therefore, the influence of residual strain on primary water stress corrosion cracking can be diminished when the material undergoes thermal aging.

The financial performance of selected investor-owned and not-for-profit system hospitals before and after Medicare prospective payment.

Science.gov (United States)

Friedman, B; Shortell, S

1988-01-01

This article analyzes determinants of cost and profitability, including the influence of Medicare prospective payment (PPS), between 1983 and 1985 for nearly 300 hospitals belonging to investor-owned (IO) and not-for-profit (NFP) systems. Using approaches that assure comparability of financial data, and including case mix, quality, competition, and regulation measures, the findings indicate that (1) in both years, competitive environment, case mix, age of facility, and scope of diversified services were important determinants of average cost, while a process measure of quality was insignificant and the independent effect of ownership type was insignificant for cost; (2) effects of HMO competition and hospital strategy were stronger in 1985 than in 1983; (3) operating margins for all types of hospitals showed increases, with a somewhat greater improvement for NFP system members; and (4) significantly greater declines in volume of care occurred for IO system members. Implications for future research are discussed. PMID:3133323

An explanatory study of the use of e-mail investor communication by South African listed companies

Directory of Open Access Journals (Sweden)

Roelof Baard

2016-12-01

Objectives: The objectives of the study were to measure the responsiveness, timeliness and relevance of companies’ responses to e-mail requests, and to test for the determinants (size, market-to-book ratio, profitability, leverage and liquidity thereof. Method: The mystery investor approach and a content analysis were used to study the e-mail handling performance of companies. The associations between company-specific characteristics were statistically tested. Results: It was found that the e-mail handling performance of companies in this study was poor compared with previous studies. Significant relationships between company size and responsiveness and relevance, and between market-to-book ratio and relevance were reported, as well as between the contact method used to request information and relevance and the use of social media and timeliness. Conclusion: Specific areas where companies could improve their investor communications were identified. The need for further research was discussed to explain some of the relationships found, as well as those not found, in contrast to what was expected. Future research is warranted to examine the relationship between the e-mail handling performance of companies and information asymmetry and the cost of equity of companies.

KETIDAKSEIMBANGAN HAK DAN KEWAJIBAN ANTARA INVESTOR ASING DENGAN PEKERJA INDONESIA DALAM PENGATURAN PENANAMAN MODAL DAN KETENAGAKERJAAN

Directory of Open Access Journals (Sweden)

Mrs. Sulistyowati

2015-10-01

Full Text Available This research purports to identify and find the form of imparity on the rights and obligations of the foreign investors and Indonesian workers in Indonesian regulations of investment law. The imparity is shown in: (idiscrepancies in minimum wage among employee working in foreign investment and domestic investment;(ii rights and obligations; as well as (iii legal culture which perceives Indonesian employee as one ofthe production factors. Such imparity, however, are not without purpose. It is aimed to complete verticalharmonization to avoid overlapping regulations. Nonetheless, the author finds this imparity still bringmore favour to the foreign investors. Penelitian ini ditujukan untuk mengidentifikasi dan menemukan bentuk-bentuk ketidakseimbangan hak dan kewajiban antara penanam modal asing dan pekerja Indonesia dalam peraturan perundang-undanganmengenai penanaman modal. Ketidakseimbangan tampak pada: (i upah minimum yang sama terhadappekerja Indonesia baik yang bekerja di PMA maupun PMDN; (ii hak dan kewajiban; serta (iii budayahukum yang menganggap pekerja Indonesia sebagai salah satu faktor produksi yang sama halnya denganfaktor produksi lainnya. Ketidakseimbangan ini bukanlah tanpa tujuan. Ketidakseimbangan yang adaditujukan untuk menciptakan harmonisasi vertikal dalam rangka menghindari kebijakan yang tumpangtindih. Hanya saja, penulis berpendapat bahwa ketidakseimbangan ini masih lebih menguntungkanpenanam modal asing.

Wind power installations in Switzerland - Checklist for investors in large-scale installations; Windkraftanlagen in der Schweiz. Checkliste fuer Investoren von Grossanlagen

Energy Technology Data Exchange (ETDEWEB)

Ott, W.; Kaufmann, Y.; Steiner, P. [Econcept AG, Zuerich (Switzerland); Gilgen, K.; Sartoris, A. [IRAP-HSR, Institut fuer Raumentwicklung an der Hochschule fuer Technik Rapperswil, Rapperswil (Switzerland)

2008-07-01

This report published by the Swiss Federal Office of Energy (SFOE) takes a look at a checklist for investors in large-scale wind-power installations. The authors state that the same questions are often posed in the course of the planning and realisation of wind turbine installations. This document presents a checklist that will help achieve the following goals: Tackling the steps involved in the planning and implementation phases, increasing planning security, systematic implementation in order to reduce risks for investors and to shorten time-scales as well as the reduction of costs. Further, participative processes can be optimised by using comprehensively prepared information in order to reduce the risk of objections during project approval. The structure of the check-list is described and discussed.

Ethics and Retail Management Professionals: An Examination of Age, Education, and Experience Variables

Science.gov (United States)

Mujtaba, Bahaudin G.; Cavico, Frank J.; McCartney, Timothy O.; DiPaolo, Peter T.

2009-01-01

Ethical maturity and behavior are of great concern to all educators, firms, and investors, and even more so in a recession. This research surveyed managers and employees in the retail environment to measure their Personal Business Ethics Scores (PBES) to see if age, education, and management experience makes a difference in making more ethical…

Why are investors not interested in my radiotracer? The industrial and regulatory constraints in the development of radiopharmaceuticals.

Science.gov (United States)

Zimmermann, Richard G

2013-02-01

Four criteria are essential in the acceptance by investors of new radiopharmaceuticals: the existence of a market and a medical need, the quality of the science and technology behind the new molecule, the feasibility and compliance with regulations and the limited competitive landscape. Potential investors need to get more convincing market evidence, largely beyond the nice preclinical data generated to the point of first discussion. A properly protected compound not jeopardized by earlier published results is a must. A guarantee of an easy and secured source of the ligand is obvious. A safe access to the radionuclide in volumes corresponding to the targeted market is rarely taken into account, but of utmost importance. The evaluation of new drugs by investors will include the evaluation of the real market size for the targeted indication and the position of the drug in the healthcare environment at the time to market. This includes the potential competition with other radiopharmaceuticals, but also with conventional drugs or competitive modalities also at time to market. Both criteria are usually not easily accessible to researchers whose acquaintance remains limited to the scientific and technical part. Starting from this set of information, a first business plan can be deduced based on a best estimate for price per dose and a rough evaluation about the chance and level of reimbursement. In the following most of the events are covered that could jeopardize the development of the drug, focusing on the industrial, economic and regulatory aspects, comprehending the detailed analysis of the currently best available radionuclides. Copyright © 2013 Elsevier Inc. All rights reserved.

Dietary restriction of rodents decreases aging rate without affecting initial mortality rate a meta-analysis

NARCIS (Netherlands)

Simons, Mirre J. P.; Koch, Wouter; Verhulst, Simon

Dietary restriction (DR) extends lifespan in multiple species from various taxa. This effect can arise via two distinct but not mutually exclusive ways: a change in aging rate and/or vulnerability to the aging process (i.e. initial mortality rate). When DR affects vulnerability, this lowers

Longevity manipulations differentially affect serotonin/dopamine level and behavioral deterioration in aging Caenorhabditis elegans.

Science.gov (United States)

Yin, Jiang-An; Liu, Xi-Juan; Yuan, Jie; Jiang, Jing; Cai, Shi-Qing

2014-03-12

Aging is accompanied with behavioral and cognitive decline. Changes in the neurotransmitter level are associated with the age-related behavioral deterioration, but whether well-known longevity manipulations affect the function of neurotransmitter system in aging animals is largely unclear. Here we report that serotonin (5-HT) and dopamine (DA) level decrease with age in C. elegans. The reduction results in downregulation of the activity of neurons controlled by 5-HT/DA signaling, and deterioration of some important behaviors, including pharyngeal pumping, food-induced slowing responses, and male mating. Longevity manipulations differentially affect the age-related decline in neuronal level of 5-HT/DA. The reduction and resultant behavioral deterioration occur in long-lived worms with defective insulin signaling [daf-2(e1370), age-1(hx546)] or mitochondria function [isp-1(qm150), tpk-1(qm162)], but not in long-lived worms with dietary restriction eat-2(ad1116). A reduced expression level of dopa decarboxylase BAS-1, the shared enzyme for 5-HT/DA synthesis, is responsible for the decline in 5-HT/DA levels. RNAi assay revealed that the sustained 5-HT/DA level in neurons of aged eat-2(ad1116) worms requires PHA-4 and its effectors superoxide dismutases and catalases, suggesting the involvement of reactive oxygen species in the 5-HT/DA decline. Furthermore, we found that elevating 5-HT/DA ameliorates age-related deterioration of pharyngeal pumping, food-induced slowing responses, and male mating in both wild-type and daf-2(e1370) worms. Together, dietary restriction preserves healthy behaviors in aged worms at least partially by sustaining a high 5-HT/DA level, and elevating the 5-HT/DA level in wild-type and daf-2(e1370) worms improves their behaviors during aging.

The effect of different needs, decisionmaking processes and networkstructures on investor behavior and stock market dynamics : a simulation approach

NARCIS (Netherlands)

Hoffmann, Arvid O.I.; Jager, Wander

2004-01-01

Striking investor and stock market behaviour have been recurrent items in the worldwide press for the recent past. Crashes and hypes like the Internet bubble are often hard to explain using existing finance frameworks. Therefore, the authors provide a complementing multitheoretical framework that is

Investor sentiment and stock returns: Evidence from provincial TV audience rating in China

Science.gov (United States)

Zhang, Yongjie; Zhang, Yuzhao; Shen, Dehua; Zhang, Wei

2017-01-01

In this paper, we advocate the provincial TV audience rating as the novel proxy for the provincial investor sentiment (PIS) and investigate its relation with stock returns. The empirical results firstly show that the PIS is positively related to stock returns. Secondly, we provide direct evidence on the existence of home bias in China by observing that the provincial correlation coefficient is significantly larger than the cross-provincial correlation coefficient. Finally, the PIS can explain a large proportion of provincial comovement. To sum up, all these findings support the role of the non-traditional information sources in understanding the ;anomalies; in stock market.

Positive affect and cognitive decline: a 12-year follow-up of the Maastricht Aging Study.

Science.gov (United States)

Berk, Lotte; van Boxtel, Martin; Köhler, Sebastian; van Os, Jim

2017-12-01

In cross-sectional studies, positive affect (PA) has been associated with higher levels of cognitive functioning. This study examined whether positive affect (PA) is associated with change in cognitive function over 12 years in an adult population sample. Participants (n = 258), aged 40 to 82 years, were drawn from a subsample of the Maastricht Aging Study (MAAS) and assessed at baseline, 6 years and 12 years. PA was measured at baseline with a Dutch translation of the Positive and Negative Affect Schedule (PANAS). PA scores and associations with cognitive decline were tested in random-effects models. Controlling for demographics and depressive symptoms, there was no significant association with PA scores and decline in memory (χ 2  = 1.52; df = 2; P = 0.47), executive functions (χ 2  = 0.99; df = 2; P = 0.61), and information processing speed (χ 2  = 0.52; df = 2; P = 0.77) at 6- and 12-year follow-up. PA did not predict cognitive change over time. These findings question the extent of protective effects of PA on cognitive aging in adulthood, and are discussed in terms of age range and types of measures used for PA and cognition. Copyright © 2016 John Wiley & Sons, Ltd.

Land grab. More investors offer hospitals cash for their real estate as providers hunt for capital.

Science.gov (United States)

Evans, Melanie

2011-03-07

More real estate investors are offering hospitals cash for real estate as providers tap into their assets for capital. But if REITs are banking on providers cashing in their real estate chips, that's not happening yet, says Mike O'Keefe, left, of Navigant Consulting. The capital flooding into healthcare real estate has met with a limited supply of sellers. "That's what's driving some of this consolidation," O'Keefe said.

Investigating the effect of adjusted DuPont ratio and its components on investor's decisions in short and long term

Directory of Open Access Journals (Sweden)

Parvaneh Khaleghi Kasbi

2014-03-01

Full Text Available This paper investigates the effect of adjusted DuPont ratio and its components on investors’ decisions in short and long term. The primary objective of this study is to find the effect of adjusted DuPont ratio and its components on herding behavior of investors in one and several year period. Hence, 85 corporations as the member of Tehran stock exchange over the period 2006-2011 are selected. In order to recognize the herding, by market index consideration, the herded β and in order to hypothesis validity SPSS software and multivariable linear regression have been used. As the results of this study indicate, the adjusted DuPont ratio and its components have more effect on investors’ decisions in short term but in long the period, the effect of this ratio on herding investors’ behavior are reduced. Furthermore, from the two components of adjusted DuPont ratio, profit margin has more effect on investor's decisions.

Corporate websites in Africa: Has online investor relations communication improved during the past four years? Evidence from Egypt, Kenya, Morocco, Nigeria and Tunisia

Directory of Open Access Journals (Sweden)

Roelof Baard

2011-07-01

Objectives: The objectives of this study were to measure the availability of corporate websites and dedicated investor relations (IR sections; to evaluate the content of IR information communicated and to compare findings with previous research. Method: For ease of comparison this study has evaluated the same 40 companies in each of the countries, namely Egypt, Kenya, Morocco, Nigeria and Tunisia that were evaluated in the 2006 study. A number of steps were taken to find the websites after which all the working websites were screened and evaluated against a checklist of international best practices. Results: Although improvements were apparent, 19% of the companies in the study still do not have websites, 20% do not supply financial information on websites and a significant number of companies do not optimally utilise websites according to international best practices. Conclusion: Notwithstanding improvements, a significant number of companies do not optimally utilise their corporate websites to communicate to investors. Possible reasons were discussed (e.g. necessary skills, available technology and cost, but it was concluded that companies are probably either negligent, do not regard it as important to communicate information to investors via corporate websites, or do not realise the benefits of communicating company information in this manner.

Guideline for financing agricultural biogas projects - Training material for biogas investors: D.3.7, WP 3

OpenAIRE

Hahn, H.

2011-01-01

There are many good reasons to implement a biogas plant ranging from environmental protection and waste reduction to renewable energy production. It can also include financial and non-financial incentives. Nevertheless, investors of biogas projects should be well informed about different legal requirements and financing possibilities. The guideline will help to analyse a potential biogas investment by describing its most important steps. The guideline starts with the project idea and a first ...

Pulmonary Function Affects Language Performance in Aging

Directory of Open Access Journals (Sweden)

Lewina O Lee

2014-04-01

associated with better ES performance (B = 6.64, SE = 2.43, p = .01. Higher FVC and FEV1 were related to better MN performance, but this did not reach statistical significance (FVC: B = 3.68, SE = 2.16, p = .09; FEV1: B = 4.92, SE = 2.64, p = .06. Higher FVC (B = 3.98, SE = 1.44, p = .01 and FEV1 (B = 4.79, SE = 1.75, p = .01 were associated with better ANT performance. The positive association between PF and BNT performance was marginally significant (FVC: B = 4.19, SE = 2.18, p = .06; FEV1: B = 3.51, SE = 2.66, p = .10. Discussion and Conclusion Better PF was associated with higher accuracy on sentence processing and naming-based lexical retrieval tasks, consistent with the conclusion that pulmonary function affects older adults’ language performance. Our findings support the emerging thesis that language changes in aging are influenced by health-related physiological and neural mechanisms (e.g., Albert et al., 2009; Cahana-Amitay et al., 2013. From a clinical perspective, these findings highlight the promise of targeting PF as an intervention for improving language abilities among the elderly.

77 FR 69517 - Order Granting Exmeptions From Specified Provisions of the Securities Exchange Act and the...

Science.gov (United States)

2012-11-19

... annual and semi-annual reports to investors affected by Hurricane Sandy; and For the period from and... reports to unitholders affected by Hurricane Sandy, Provided That (a) The affected investor's mailing... investors. Section 17A(c)(1) of the Exchange Act provides that the appropriate regulatory agency, by rule or...

Peran Perguruan Tinggi, Pemerintah dan Investor dalam Membangun Wisata Pedesaan Di Jawa Barat Sebagai Upaya Mengurangi Kemiskinan

Directory of Open Access Journals (Sweden)

Dede R Oktini

2007-06-01

Full Text Available Jumlah penduduk miskin di Jawa Barat semakin lama semakin bertambah, sumber  mengatakan bahwa pada bulan Februari  2005 tingkat kemiskinan di Jawa Barat hanya 16 %, sedangkan per Juli 2005 naik menjadi 18,7% dan estimasi sementara untuk maret 2006 mencapai 22 %. (www.bps.co.id. Jumlah penduduk miskin di pedesaan lebih tinggi dibandingkan dengan di perkotaan, misalnya saja pada tahun 2005 persentase kemiskinan di perkotaan hanya 11,37 % sedangkan di pedesaan mencapai 19,51 %. Demikian pula pada tahun-tahun sebelumnya jumlah penduduk miskin yang ada di pedesaan selalu lebih tinggi dibandingkan dengan di perkotaan. Fenomena kemiskinan ini juga tampak dari aktivitas sehari-hari yang mana di pedesaan lebih terlihat bahwa banyak orang yang hanya menghabiskan waktu dengan duduk-duduk, sementara gadis dan pemudanya berkumpul di pos-pos ronda mengobrol hal-hal yang kurang bermanfaat. Kondisi buruk seperti ini tentunya tidak bisa dibiarkan dan masyarakat pedesaan khususnya di Jawa Barat tidak bisa tinggal diam hanya mengharapkan belas kasihan dari pemerintah, namun harus segera bergerak untuk berupaya terlepas dari  kemiskinan yang membelenggu. Di setiap daearah di Jawa Barat memiliki potensi yakni lahan pertanian seperti sawah, kebun dan ladang yang hingga saat ini hanya dimanfaatkan sesuai dengan fungsi dasarnya saja yaitu menanam padi dan tanaman lain, padahal sebenarnya lahan-lahan tersebut dapat lebih dimanfaatkan misalnya dijadikan lokasi pariwisata pedesaan tradisional. Namun demikian untuk mewujudkannya tentu diperlukan dukungan dari berbagai pihak yakni Perguruan Tinggi sebagai lembaga ilmiah berperan dalam mengembangkan sumber daya manusia / masyarakat setempat sebagai calon pramuwisata atau calon wirausaha, penghubung antara calon pramuwisata/ wirausahawan dengan pihak investor, sedangkan pemerintah berperan dalam menyediakan infrastruktur seperti jalan raya, listrik serta mendidik masyarakat agar lebih mencintai alam pedesaan. Sedangkan

Ageing differentially affects neural processing of different conflict types-an fMRI study.

Science.gov (United States)

Korsch, Margarethe; Frühholz, Sascha; Herrmann, Manfred

2014-01-01

Interference control and conflict resolution is affected by ageing. There is increasing evidence that ageing does not compromise interference control in general but rather shows distinctive effects on different components of interference control. Different conflict types, [e.g., stimulus-stimulus (S-S) or stimulus-response (S-R) conflicts] trigger different cognitive processes and thus activate different neural networks. In the present functional magnetic resonance imaging (fMRI) study, we used a combined Flanker and Stimulus Response Conflict (SRC) task to investigate the effect of ageing on S-S and S-R conflicts. Behavioral data analysis revealed larger SRC effects in elderly. fMRI Results show that both age groups recruited similar regions [caudate nucleus, cingulate gyrus and middle occipital gyrus (MOG)] during Flanker conflict processing. Furthermore, elderly show an additional activation pattern in parietal and frontal areas. In contrast, no common activation of both age groups was found in response to the SRC. These data suggest that ageing has distinctive effects on S-S and S-R conflicts.

INVESTORS REACTIONS TO CHANGING FIRMS’ DEBT LEVEL AND ITS EFFECT TO STOCK RETURNS

Directory of Open Access Journals (Sweden)

AYŞE GÜL YILGÖR

2013-06-01

Full Text Available This paper investigates whether stock retuns are influenced by changing firms’ debt level and what the investors’ reactions to the announcement of this change are. We examine if the firms which have more debt comparing with prior year, could obtain cumulative abnormal return(CAR, then we test if the firms which leverage ratios are below the industry average could obtain more CAR than firms that the ratios are above the industry average. We find investors react changing firms’ debt level(with significantly positive or negative CAR. However the reactions are not related with if the leverage ratios are below or above industry average.

Africa's developing nuclear landscape holds potential for investors

Energy Technology Data Exchange (ETDEWEB)

Shepherd, John [nuclear 24, Brighton (United Kingdom)

2015-08-15

Africa is continuing to draw interest from potential nuclear investors as more of the region's nations consider the prospects for launching civil nuclear programmes. Much of the interest has been driven by South Africa, which announced its intention to push ahead with building a new fleet of nuclear power plants more than two years ago. South Africa's Department of Energy said it aims to select a ''strategic partner or partners'' for its planned new nuclear programme by the end of fiscal year 2015. The country's existing twin-unit Koeberg is the African continent's sole nuclear power plant, but expectations are high that this will change. According to 'The World Nuclear Supply Chain: Outlook 2030', released at the start of this year by the World Nuclear Association, Africa and Latin America could see investments of $ 20 billion (Euro 18.2 bn) and $ 14 billion, respectively over the next 15 years.

Do corporate Web sites in Africa communicate investor information according to best practice guidelines?

Directory of Open Access Journals (Sweden)

G. Nel

2007-11-01

Full Text Available Corporate Web sites have become very popular media of information over the past decade. The Investor Relations Society published best practice Web site guidelines in December 2006 to guide companies seeking to improve the quality of their on-line communication with investors via their corporate Web sites. Guidelines were given for presentation (the way in which information is communicated and content (the information that is communicated. This study focused only on content. A 20-point checklist was developed from the prescribed best practice. The checklist focused on the six categories of best practice that entail company information, annual reports of the current year and archive, relevant news, shareholder information, bondholder information, corporate governance and corporate responsibility. Seventy-eight companies in Africa (40 from South Africa and 38 from the 'rest of Africa', that is Egypt, Kenya, Morocco, Nigeria and Tunisia were evaluated against this checklist. Companies from the 'rest of Africa' rated lower than South African companies in all categories on the checklist. Although South African companies received ratings above 90% for all categories, besides bondholder information, many of these companies do not supply shareholder, corporate governance and corporate responsibility information via dedicated sections on their corporate Web sites. The results for companies from the 'rest of Africa' were disappointing, especially with regard to communication of annual reports, shareholder information, bondholder information and corporate responsibility. Although possible reasons for these disappointing results are discussed in this study, further research should be conducted to determine the reason(s why important elements of information are not communicated via corporate Web sites.

Association between age at onset of psychosis and age at onset of cannabis use in non-affective psychosis.

Science.gov (United States)

Galvez-Buccollini, Juan A; Proal, Ashley C; Tomaselli, Veronica; Trachtenberg, Melissa; Coconcea, Cristinel; Chun, Jinsoo; Manschreck, Theo; Fleming, Jerry; Delisi, Lynn E

2012-08-01

Several studies have associated cannabis use with the development of schizophrenia. However, it has been difficult to disentangle the effects of cannabis from that of other illicit drugs, as previous studies have not evaluated pure cannabis users. To test whether the onset of cannabis use had an effect on the initiation of psychosis, we examined the time relationship between onset of use and onset of psychosis, restricting our analysis to a cohort of individuals who only used cannabis and no other street drugs. Fifty-seven subjects with non-affective psychoses who used cannabis prior to developing a psychosis were interviewed using the Diagnostic Interview for Genetic Studies (DIGS). The Family Interview for Genetic Studies (FIGS) was also used to interview a family informant about psychiatric illness in the patient and the entire family. Multiple linear regression techniques were used to estimate the association between variables. After adjusting for potential confounding factors such as sex, age, lifetime diagnosis of alcohol abuse or dependence, and family history of schizophrenia, the age at onset of cannabis was significantly associated with age at onset of psychosis (β=0.4, 95% CI=0.1-0.7, p=0.004) and age at first hospitalization (β=0.4, 95% CI=0.1-0.8, p=0.008). The mean time between beginning to use cannabis and onset of psychosis was 7.0±4.3. Age at onset of alcohol use was not associated with age at onset of psychosis or age at first hospitalization. Age at onset of cannabis is directly associated with age at onset of psychosis and age at first hospitalization. These associations remain significant after adjusting for potential confounding factors and are consistent with the hypothesis that cannabis could cause or precipitate the onset of psychosis after a prolonged period of time. Published by Elsevier B.V.

The European PV market evaluation for potential investors - actual information on the 15 EU member state countries and Switzerland

International Nuclear Information System (INIS)

Kurdziel, M.

2004-01-01

The EU has ambitious targets for the introduction of PV. According to the white book of the European Commission, the target for 2010 is to install 3000 MWp. In the following the European PV markets of the 15 EU member state countries and Switzerland are presented and evaluated for potential investors. (author)

Wind power installations in Switzerland - Checklist for investors in large-scale installations; Eoliennes en Suisse. Liste de controle pour investisseurs de grandes installations

Energy Technology Data Exchange (ETDEWEB)

Ott, W.; Kaufmann, Y.; Steiner, P. [Econcept AG, Zuerich (Switzerland); Gilgen, K.; Sartoris, A. [IRAP-HSR, Institut fuer Raumentwicklung an der Hochschule fuer Technik Rapperswil, Rapperswil (Switzerland)

2008-07-01

This report published by the Swiss Federal Office of Energy (SFOE) takes a look at a checklist for investors in large-scale wind-power installations. The authors state that the same questions are often posed in the course of the planning and realisation of wind turbine installations. This document presents a checklist that will help achieve the following goals: Tackling the steps involved in the planning and implementation phases, increasing planning security, systematic implementation in order to reduce risks for investors and to shorten time-scales as well as the reduction of costs. Further, participative processes can be optimised by using comprehensively prepared information in order to reduce the risk of objections during project approval. The structure of the check-list is described and discussed.

The Growing Importance and Value Implications of Recreational Hunting Leases to Agricultural Land Investors in America

OpenAIRE

John S. Baen

1997-01-01

This study considers the evolution and explosion growth of recreational hunting leases in America. The traditional European practice of leasing rural lands for the exclusive rights of tenants to hunt and fish is now an important revenue source for American agricultural land investors/owners. Hunting lease income can enhance value to the point that recreation becomes the highest and best use of rural land for both the market and income approaches to valuation. This study offers new perspective...

Current Models of Investor State Dispute Settlement Are Bad for Health: The European Union Could Offer an Alternative

Science.gov (United States)

McKee, Martin; Stuckler, David

2017-01-01

In this commentary, we endorse concerns about the health impact of the trans-pacific partnership (TPP), paying particular attention to its mechanisms for investor state dispute settlement. We then describe the different, judge-led approach being advocated by the European Commission team negotiating the Trans-Atlantic Trade and Investment Partnership, arguing that, while not perfect, it offers significant advantages. PMID:28812799

A year in the life of an investor relations manager in the hydrogen technology section

Energy Technology Data Exchange (ETDEWEB)

Merer, R.M.; Dundas, A.J. [Stuart Energy Systems, Toronto, ON (Canada)

2001-06-01

The technical and cost challenges of hydrogen technology were discussed. Stuart Energy manufactures appliances that generate hydrogen from water, using electricity. The basis for the water electrolysis process is hydrogen generation and supply. This is the basis for fuel cell technology for all applications, energy storage, grid stabilization, and electric power generation from renewable energy sources. Stuart Energy develops the technology for the hydrogen economy for industrial, transportation, and regenerative power markets. In the past decade, the company has reduced the cost and size of its equipment significantly, creating a viable solution to the infrastructure needs of a hydrogen based economy. This presentation focused in part on the new techniques that are necessary to attract and maintain investor interest in Stuart Energy with particular emphasis on investor emotions since Stuart Energy's initial public offering (IPO) in October 2000. At the time, oil prices were high and hydrogen technology was in demand. Since that time, the hydrogen index has dropped significantly and share values are far from their peak. The author explained how stock valuation is determined and emphasized that the hydrogen economy will be built on steady technology development and not on volatile shareholder emotions. The technology promises to generate and use hydrogen in a manner that offers the same or better performance than today's technology, at greater convenience and lower cost. Hydrogen also offers benefits of energy security, higher efficiency and sustainable development. 1 ref.

A year in the life of an investor relations manager in the hydrogen technology section

International Nuclear Information System (INIS)

Merer, R.M.; Dundas, A.J.

2001-01-01

The technical and cost challenges of hydrogen technology were discussed. Stuart Energy manufactures appliances that generate hydrogen from water, using electricity. The basis for the water electrolysis process is hydrogen generation and supply. This is the basis for fuel cell technology for all applications, energy storage, grid stabilization, and electric power generation from renewable energy sources. Stuart Energy develops the technology for the hydrogen economy for industrial, transportation, and regenerative power markets. In the past decade, the company has reduced the cost and size of its equipment significantly, creating a viable solution to the infrastructure needs of a hydrogen based economy. This presentation focused in part on the new techniques that are necessary to attract and maintain investor interest in Stuart Energy with particular emphasis on investor emotions since Stuart Energy's initial public offering (IPO) in October 2000. At the time, oil prices were high and hydrogen technology was in demand. Since that time, the hydrogen index has dropped significantly and share values are far from their peak. The author explained how stock valuation is determined and emphasized that the hydrogen economy will be built on steady technology development and not on volatile shareholder emotions. The technology promises to generate and use hydrogen in a manner that offers the same or better performance than today's technology, at greater convenience and lower cost. Hydrogen also offers benefits of energy security, higher efficiency and sustainable development. 1 ref

Factors affecting red blood cell storage age at the time of transfusion.

Science.gov (United States)

Dzik, Walter H; Beckman, Neil; Murphy, Michael F; Delaney, Meghan; Flanagan, Peter; Fung, Mark; Germain, Marc; Haspel, Richard L; Lozano, Miguel; Sacher, Ronald; Szczepiorkowski, Zbigniew; Wendel, Silvano

2013-12-01

Clinical trials are investigating the potential benefit resulting from a reduced maximum storage interval for red blood cells (RBCs). The key drivers that determine RBC age at the time of issue vary among individual hospitals. Although progressive reduction in the maximum storage period of RBCs would be expected to result in smaller hospital inventories and reduced blood availability, the magnitude of the effect is unknown. Data on current hospital blood inventories were collected from 11 hospitals and three blood centers in five nations. A general predictive model for the age of RBCs at the time of issue was developed based on considerations of demand for RBCs in the hospital. Age of RBCs at issue is sensitive to the following factors: ABO group, storage age at the time of receipt by the hospital, the restock interval, inventory reserve, mean demand, and variation in demand. A simple model, based on hospital demand, may serve as the basis for examining factors affecting the storage age of RBCs in hospital inventories. The model suggests that the age of RBCs at the time of their issue to the patient depends on factors external to the hospital transfusion service. Any substantial change in the expiration date of stored RBCs will need to address the broad variation in demand for RBCs while attempting to balance considerations of availability and blood wastage. © 2013 American Association of Blood Banks.

Age-related differences in affective responses to and memory for emotions conveyed by music: a cross-sectional study

OpenAIRE

Vieillard , Sandrine; Gilet , Anne-Laure ,

2013-01-01

International audience; There is mounting evidence that aging is associated with the maintenance of positive affect and the decrease of negative affect to ensure emotion regulation goals. Previous empirical studies have primarily focused on a visual or autobiographical form of emotion communication. To date, little investigation has been done on musical emotions. The few studies that have addressed aging and emotions in music were mainly interested in emotion recognition, thus leaving unexplo...

BDNF val66met polymorphism affects aging of multiple types of memory.

Science.gov (United States)

Kennedy, Kristen M; Reese, Elizabeth D; Horn, Marci M; Sizemore, April N; Unni, Asha K; Meerbrey, Michael E; Kalich, Allan G; Rodrigue, Karen M

2015-07-01

The BDNF val66met polymorphism (rs6265) influences activity-dependent secretion of brain-derived neurotrophic factor in the synapse, which is crucial for learning and memory. Individuals homozygous or heterozygous for the met allele have lower BDNF secretion than val homozygotes and may be at risk for reduced declarative memory performance, but it remains unclear which types of declarative memory may be affected and how aging of memory across the lifespan is impacted by the BDNF val66met polymorphism. This cross-sectional study investigated the effects of BDNF polymorphism on multiple indices of memory (item, associative, prospective, subjective complaints) in a lifespan sample of 116 healthy adults aged 20-93 years. Advancing age showed a negative effect on item, associative and prospective memory, but not on subjective memory complaints. For item and prospective memory, there were significant age×BDNF group interactions, indicating the adverse effect of age on memory performance across the lifespan was much stronger in the BDNF met carriers than for the val homozygotes. BDNF met carriers also endorsed significantly greater subjective memory complaints, regardless of age, and showed a trend (pmemory performance compared to val homozygotes. These results suggest that genetic predisposition to the availability of brain-derived neurotrophic factor, by way of the BDNF val66met polymorphism, exerts an influence on multiple indices of episodic memory - in some cases in all individuals regardless of age (subjective memory and perhaps associative memory), in others as an exacerbation of age-related differences in memory across the lifespan (item and prospective memory). This article is part of a Special Issue entitled Memory & Aging. Copyright © 2014 Elsevier B.V. All rights reserved.

Aging Affects Adaptation to Sound-Level Statistics in Human Auditory Cortex.

Science.gov (United States)

Herrmann, Björn; Maess, Burkhard; Johnsrude, Ingrid S

2018-02-21

Optimal perception requires efficient and adaptive neural processing of sensory input. Neurons in nonhuman mammals adapt to the statistical properties of acoustic feature distributions such that they become sensitive to sounds that are most likely to occur in the environment. However, whether human auditory responses adapt to stimulus statistical distributions and how aging affects adaptation to stimulus statistics is unknown. We used MEG to study how exposure to different distributions of sound levels affects adaptation in auditory cortex of younger (mean: 25 years; n = 19) and older (mean: 64 years; n = 20) adults (male and female). Participants passively listened to two sound-level distributions with different modes (either 15 or 45 dB sensation level). In a control block with long interstimulus intervals, allowing neural populations to recover from adaptation, neural response magnitudes were similar between younger and older adults. Critically, both age groups demonstrated adaptation to sound-level stimulus statistics, but adaptation was altered for older compared with younger people: in the older group, neural responses continued to be sensitive to sound level under conditions in which responses were fully adapted in the younger group. The lack of full adaptation to the statistics of the sensory environment may be a physiological mechanism underlying the known difficulty that older adults have with filtering out irrelevant sensory information. SIGNIFICANCE STATEMENT Behavior requires efficient processing of acoustic stimulation. Animal work suggests that neurons accomplish efficient processing by adjusting their response sensitivity depending on statistical properties of the acoustic environment. Little is known about the extent to which this adaptation to stimulus statistics generalizes to humans, particularly to older humans. We used MEG to investigate how aging influences adaptation to sound-level statistics. Listeners were presented with sounds drawn from

Investments in the Dutch onshore wind energy industry: A review of investor profiles and the impact of renewable energy subsidies

NARCIS (Netherlands)

Niesten, Eva; Jolink, Albert; Chappin, Maryse

The 2020 renewable energy targets have stimulated the debate on the efficacy of policy schemes. Discussion on the efficacy of these schemes has largely been on the growth in the share of renewable energy, and less on the alignment of policies to the needs of investors. However, research in this

Age-related changes in oscillatory power affect motor action.

Directory of Open Access Journals (Sweden)

Liqing Liu

Full Text Available With increasing age cognitive performance slows down. This includes cognitive processes essential for motor performance. Additionally, performance of motor tasks becomes less accurate. The objective of the present study was to identify general neural correlates underlying age-related behavioral slowing and the reduction in motor task accuracy. To this end, we continuously recorded EEG activity from 18 younger and 24 older right-handed healthy participants while they were performing a simple finger tapping task. We analyzed the EEG records with respect to local changes in amplitude (power spectrum as well as phase locking between the two age groups. We found differences between younger and older subjects in the amplitude of post-movement synchronization in the β band of the sensory-motor and medial prefrontal cortex (mPFC. This post-movement β amplitude was significantly reduced in older subjects. Moreover, it positively correlated with the accuracy with which subjects performed the motor task at the electrode FCz, which detects activity of the mPFC and the supplementary motor area. In contrast, we found no correlation between the accurate timing of local neural activity, i.e. phase locking in the δ-θ frequency band, with the reaction and movement time or the accuracy with which the motor task was performed. Our results show that only post-movement β amplitude and not δ-θ phase locking is involved in the control of movement accuracy. The decreased post-movement β amplitude in the mPFC of older subjects hints at an impaired deactivation of this area, which may affect the cognitive control of stimulus-induced motor tasks and thereby motor output.

On Algorithmic Portfolio Optimization for a Momentum Investor - a Stochastic Programming Approach with Moment-Matching Scenario Generation

OpenAIRE

Rønning, Håkon Sverre

2016-01-01

Momentum strategies based on continuation patterns in equity prices have attracted a wide following among money managers and financial investors attempting to exploit anomalies present in the stock market. In this thesis, we first perform out-of-sample tests of four long-only momentum strategies, one contrarian strategy and one low-volatility investment strategy on US and Norwegian equity samples. We find the momentum and contrarian strategies to yield statistically significant abnormal retu...

A JOINT EXPERIMENTAL ANALYSIS OF INVESTOR BEHAVIOR IN IPO PRICING METHODS

Directory of Open Access Journals (Sweden)

Vinicio de Souza e Almeida

2015-01-01

Full Text Available This article jointly examines the differences of laboratory versions of the Dutch clock open auction, a sealed-bid auction to represent book building, and a two-stage sealed bid auction to proxy for the “competitive IPO”, a recent innovation used in a few European equity initial public offerings. We investigate pricing, seller allocation, and buyer welfare allocation efficiency and conclude that the book building emulation seems to be as price efficient as the Dutch auction, even after investor learning, whereas the competitive IPO is not price efficient, regardless of learning. The competitive IPO is the most seller allocative efficient method because it maximizes offer proceeds. The Dutch auction emerges as the most buyer welfare allocative efficient method. Underwriters are probably seeking pricing efficiency rather than seller or buyer welfare allocative efficiency and their discretionary pricing and allocation must be important since book building is prominent worldwide.

The ethical commitment of independent directors in different contexts of investor protection

Directory of Open Access Journals (Sweden)

Isabel María García-Sánchez

2015-04-01

Full Text Available The purpose of this study is to compare, for countries with different legal environments, the degree to which boards of directors may improve corporate ethical behaviour by designing codes of ethics. These codes address issues such as a company's responsibility regarding the quality of its products and services, compliance with laws and regulations, conflicts of interest, corruption and fraud, and protection of the natural environment. Using a sample of firms from 12 countries, we obtain evidence that a greater presence of independent directors on the board leads to the existence of more complex codes of ethics. Moreover, there are significant differences between countries with high levels and countries with low levels of investor protection as regards the effectiveness of independent directors in constraining unethical behaviour by managers.