US Immigration Politics, Sanctions Threats and Private Prison Corporations’ Stock Market Values

Immigration enforcement has been expanded from the borders to the interior of the United States. Restrictive immigration control has subjected more immigrant detainees to private prison facilities. While existing scholarship has paid attention to the correlates of these expansions in immigration enforcement, we still lack information about the consequences of interior immigration enforcement and the unique financial partnerships between private prison corporations and the government. This dissertation includes a series of three papers that can address these remaining questions. In the first paper, I provide a comprehensive review of the history of U.S. immigration politics and policies. By drawing on theories in the sociology of punishment, I offer theoretical frameworks to explain the expectation of restrictive immigration enforcement in the United States, particularly over the past 40 years. "Prevention through deterrence" is a fundamental idea in restrictive U.S. immigration control policies, which hopes to reduce undocumented immigrants' illegal entry to the United States and discourage their staying in the country. Despite the ineffectiveness of restrictive immigration enforcement, we have seen growing numbers of policies that seek to control immigration in recent decades. Using the threat perspectives, I argue how perceived criminal threats by immigrants lead to public demands on more punitive approaches in immigration control. Additionally, I discuss the roles of laws and media for constructing criminalized immigrants in the United States. The second paper examines the impacts of interior immigration enforcement on migratory behaviors. The Secure Communities (S-comm) immigration program has allowed local law enforcement officers to identify non-citizen arrestees for deportation in local jails, greatly expanding immigration enforcement within the interior United States. Although S- vi comm’s purpose is the reduction of undocumented immigrants, its effectiveness has not been fully studied. The second paper in this dissertation analyzes data from the Mexican Migration Project (MMP) to understand whether undocumented Mexican-born immigrants likely to leave the United States to avoid the punitive S-comm enforcement. Results from discrete-time multilevel survival models show that S-comm has had no meaningful impact on undocumented Mexican immigrants' self-deportation. Rather, S-comm has had unintended consequences, including encouraging documented Mexican immigrants in border states to leave the United States. Together, these results highlight a mismatch between the intention of the policy and its consequences, suggesting the potential for future immigration policy reform. In the third paper, I examine the effects of immigration politics and policies on private prison corporations (PPCs)’ business. Although theories suggest political influence in the operation of PPCs, it is less known about the effects of immigration politics on PPCs’ business. Using stock market data (2001 through 2020), I examine how different kinds of U.S. immigration politics can shape PPCs’ stock values. Results show that restrictive immigration politics create favorable conditions for PPCs, leading to increased stock values. Yet, sanctions threats to PPCs lead to decreased stock values by creating market uncertainty. These results are replicated using theoretically comparable digital security companies. However, only meaningful changes are found in PPCs, holding a unique business partnership with governments. Overall, these findings highlight more consequential effects of national-level politics and sanctions threats on PPCs, suggesting policy implications.

SECURITY PRICES, RISK, AND MAXIMAL GAINS FROM DIVERSIFICATION*

The paper examines the relationship between stock market valuation and output growth at the firm level. Specifically, it aims at understanding the impact of firms’ stock market valuation and stock liquidity on the growth of real output. The sample for the study includes panel data of Indian public limited manufacturing firms. The study covers the period from March 2005 to March 2020. Firms with at least two consecutive years of data have been included in the sample. The full sample includes firm-year observations of 877 firms. The findings show that both stock market valuation and turnover ratio have a significant positive impact on the growth of output, even after controlling for other important determinants of output. Further, both stock market variables and bank credit significantly influence the growth of output. This suggests that banks and stock market provide complementary financial services required for the growth and the development of the stock market will not undermine the role of the institution based financial system.
 Keywords: Stock market, market Valuation, stock liquidity and output growth
 JEL Classification: G1

The election of George W. Bush as U.S. president in 2000, as measured by the Iowa Electronic Market (IEM), was associated with an increase of 3% in the share price of firms that were being sued by the Environmental Protection Agency (EPA). This is equal to approximately $100 billion of shareholder value. This finding is robust to a number of different specifications, controlling for other litigation, case law, and industry, and is not found in an otherwise similar sample of companies without litigation outstanding. It is suggested that the enforcement of environmental law is dependent on political pressure. (JEL G18, K32, G14)

Inflation has been considered one of the most essential variants. The economists have given the unique priority, and attracted the analysts of financial markets, so it is one of the external factors that have an effective role in developing the financial stock markets. The aim of the current paper is to measure the effect of inflation on stock markets of Arab countries. They are market value of stocks, number of companies registered in markets, rate of circulation, price indicators, value of stocks within the econometric model and other interpretive variants such as exchange rate, per capita income, budget deficit. The research concluded that the inflation has its negative, inconsiderable and statistical effect on the value of financial stocks as a rate of gross local income. The number of stocks available, as there was no significant effect on other indicators. The per capita income has been emerged to interpret the variants in almost stock markets indicators studied. The financial policy of budget deficit has a significant effect on stock markets in Arab countries. .

PurposeThe metaverse has garnered increasing attention from researchers and practitioners, yet numerous firms remain hesitant to invest in it due to ongoing debates about its potential financial benefits. Therefore, it is crucial to analyze how the implementation of metaverse initiatives affects firms’ stock market value – an area that remains underexplored in the existing literature. Additionally, there is a significant lack of research on the contingency factors that shape the stock market reaction, leaving a noticeable gap in managerial guidance on the timing and benefits of investments in the metaverse. To narrow these gaps, we examine whether and when the implementation of metaverse initiatives enhances firms’ stock market value.Design/methodology/approachBased on 73 metaverse implementation announcements disclosed by Chinese listed firms during January 2021–August 2023, we employ an event study approach to test the hypotheses.FindingsWe find that metaverse implementation announcements elicit a positive stock market reaction. Moreover, the stock market reaction is stronger for technology-focused announcements and smaller firms, or when public attention to the metaverse is higher. Nevertheless, firms’ growth prospects do not significantly alter the stock market reaction.Originality/valueThis study extends the nascent literature on the metaverse by applying signaling theory to offer novel insights into the signaling effect of metaverse implementation announcements on stock market value and the boundary conditions under which the effectiveness of the signal varies. Besides, it provides managers with important implications regarding how to tailor the investment and information disclosure strategies of the metaverse to more effectively enhance firms’ stock market value.

Investigations of immigration politics usually focus on national scale debates and policy initiatives. Immigrant settlement, however, is often highly concentrated in select regions and cities and it is in these places that immigration politics is most contentious. This paper examines these subnational politics of immigration in the United States and explores their relation to national immigration politics. The concentrated geography of immigrants in the United States intersects with a federalised system for dispersing welfare and other social costs of immigration. This creates tension between a central government with the responsibility for controlling admission and state/local governments who pay the social costs of immigrant incorporation. This dynamic of conflict has been exacerbated in recent years by the neoliberal governance strategy of downloading. Geographic concentration has other consequences for the ways in which immigration politics develops, specifically the challenges that visible difference in the landscape poses to national identity. In regard to the latter, the paper echoes Vron Ware by suggesting that an important challenge for diverse immigrant societies is to reimagine all of the nation's territory as multiethnic/multicultural, not just the locations where immigrants cluster.

Quality management started from eliminating defective products in the manufacturing process to secure quality, and then developed into statistical quality control. Currently, this means a total quality management (TQM) system, in which all of a firm’s activities affecting quality are included. Many countries are aware that the competitiveness of their countries depends upon the quality competitiveness of enterprises. Countries around the world established similar national award since the United States has enacted the Malcolm Baldrige National Quality Award to improve the quality competitiveness of domestic companies. Korea also operates the national quality awards system, such as ‘National Quality Grand Award’, ‘National Quality Grand Award’ and ‘Excellent Quality Competitiveness Enterprises’. Among these awards, ‘Excellent Quality Competitiveness Enterprises (EQCE)’ has the advantage of sustainable quality improvement in that companies can conduct self-diagnoses by applying specific criteria, and companies can earn the award without duplicate restrictions. The purpose of this paper is to compare the long-run performance of the excellent quality competitiveness enterprise (EQCE) awarding companies relative to matching non-awarding companies in the Korean stock market. The contribution of this paper is as follows. Firstly, while prior studies have examined the comparison using accounting performance, this study compares economic performance. Accounting evaluation is based upon the accounting ratio, which is extracted from financial statements. Financial statements evaluate past financial status and management performance of firms. However, economic performance is based on capital market data, which is assumed to evaluate present and future performance of firms. Secondly, this paper employs stock returns as a measure of financial performance using capital market data. Moreover, current study diversifies the performance measure by using not only stock returns but also operating performance and Tobin’s Q. Thirdly, the existing studies have compared the accounting performance of the sample firms with the average accounting value of the whole manufacturing industry firms. Since a lot of empirical evidence has shown that the effect of macro-economic variables are different by industries, it is necessary to analyze the performance comparison of firms by each industry. This paper compares the performance of sample firms with those of matching firms, which are chosen according to the most similar size among which the sample firms belong. Fourthly, many previous studies have reported that investment and capital financing behaviors of companies are different by the economic expansion and contraction periods. Thus, the company performance is also likely to vary depending on the economic phases. Current study compares the financial performance of companies with matching firms by classifying the sample period according the economic phases of expansion and contraction. The samples consist of 42 EQCE awarding firms and their corresponding matching firms from 2003 to 2014. The first proxy of long-run performance is stock returns of the firm, which is commonly used in measuring firm performance. The second proxy of long-run performance is operating performance of (EBITDA/TA), where the EBITDA is the earnings before interest, taxes, depreciation and amortization, and TA is the total assets of the firm. The third proxy of long-run performance is Tobin’s Q of (MVE+PS+DEBT)/TA, where the MVE is the market value of equity, PS is the market value of preferred stock, DEBT is the book value of debt, and TA is total assets of the firm. The two-tailed T-test results of mean difference of sample firms and comparable firms indicate that the matching firms are adequately chosen to their corresponding sample firms.

While the analysis of the relations between green innovation activism and financial performance is a popular topic, potential tangible benefits for companies that invest more on green innovations than their competitors remain relatively unaddressed in the existing literature. This study derived its empirical material from an investigation of a panel data set on the Standard & Poor’s (S&P) 500 index over the years 1999- 2016. We found that high green innovation activism, measured by patent data, is not harmful for current financial performance, but only if it is done along with other innovating activism. In addition, we found that there are significant positive lagged gains in stock market valuation from being most active in the area of green innovation in absolute terms. However, too much concentration on green innovation relative to other innovative activism has a negative influence on both accounting, as well as stock market performance.

This research paper delves into the intricate relationship between three fundamental economic indicators—Gross Domestic Product (GDP), unemployment rates, and inflation—and their consequential effects on stock market performance. The primary objective of this study is to elucidate how variations in these indicators influence investor behavior and, subsequently, stock market trends. The research employs a dual methodological approach: quantitative analysis of historical economic and stock market data, and qualitative examination through case studies of notable economic events. This research looks back in history for a pattern and correlation of the stock market's moves in relation to changes in various economic indicators. For instance, it probes how changes in the GDP growth rate have their effect on investor confidence and, in turn, stock market valuation. It also looks at how fluctuations in the rate of unemployment lead to variations in market performance, as this generally indicates economic health and spending on the part of consumers. It also tends to focus on the relationship between inflation and return in the stock market, given influences on interest rates and corporate profits as a result of inflationary pressures. Besides data analysis, the study also makes use of case studies of vital periods in economies, such as the financial crisis of 2008 and the COVID-19 pandemic, to develop context and enrich the understanding of how these indicators interact within an extreme economic scenario. Such case studies bring understanding into the way investor sentiment and stock market performance respond to changes in GDP, unemployment, and inflation in real-world scenarios. These findings from this research indicate complex interdependencies between the series of economic indicators and stock market performance. For example, strong GDP growth is perceived in general to be associated with favorable stock market performance, whereas high inflation and increasing unemployment may soften or even exert negative effects. The study also emphasizes the role of investor sentiment and market psychology in amplifying or dampening the impacts of these economic indicators. In sum, this paper contributes to an integrated understanding of how GDP, unemployment rate, and inflation interact in shaping dynamics in the performance of the stock market. It thus provides an avenue through which both investors and policymakers, and economists who want to navigate or predict market movements in light of economic trends, draw useful guidance. The underlined idea herein is that instead of looking at separate economic parameters, it will be more relevant for any research work if several factors are considered together for better analytical reasoning on stock market performance.

This study aims to analyze the Level of Financial Soundness on Financial Performance in Cement Companies that are Go Public Listed on the Indonesia Stock Exchange (BEI). Analysis of the level of financial health using the Altman Z-Score with several ratios, namely the ratio of Working Capital to Total Assets (X1), the ratio of retained earnings to total assets (X2), the ratio of EBIT to Total Assets (X3), the ratio of stock market value to book value ofabilities (X4), the ratio of Sales to Total Assets (X5) to the dependent variable on Financial Performance (Return on Assets). The data analysis technique used in this research is the Altman Z-Score with the criteria for bankruptcy and to find its effect with the panel data regression model assisted by E-Views software. The results of the calculation and analysis of the Z-Score criteria in cement companies in Indonesia, it is known that there is no cement company whose company finances are stated in a healthy condition. One company is prone to bankruptcy (gray zone) while the rest according to the Z-Score criteria are bankrupt. Furthermore, based on the panel data regression examiner simultaneously the five independent variables on financial performance (Y), while partially the working capital ratio to total assets (X1) affects financial performance (Y), the retained earnings ratio to total assets (X2) has no effect on Financial performance (Y), EBIT ratio to total assets (X3) affects financial performance (Y), stock market value ratio to book value of liabilities (X4) has no effect on financial performance (Y), Sales to Total Assets ratio (X5) affect financial performance.

The Politics of Immigration Development of French Immigration Policy Understanding French Immigration Policy Politics of Immigration in France Development of British Immigration Policy Understanding British Immigration Policy Politics of Immigration in Britain Development of US Immigration Policy Understanding US Immigration Policy Politics of Immigration in the United States

Although the analysis of the relation between green innovative activism and financial performance is a popular topic, the existing literature has rarely addressed the tangible benefits that companies may enjoy if they engage in green innovations more than their competitors. This study tries to fill the above gap on the basis of an empirical analysis of a panel data set of the Standard & Poor's 500 companies over the years 1999–2016. We find that high green innovative activism, measured by patent data, only harms current financial performance when not carried out in conjunction with other types of innovative activism. In addition, we find that being the most active in green innovation in absolute terms results in significant positive lagged gains in stock market valuations. However, too much concentration on green innovation relative to other types of innovative activism has a negative influence on both accounting and stock market performance.

An interregional analysis of venture capital and technology funding in the UK : Heather I.M. Wilson Technovation, 13(7) (1993) 425–438

Market valuation of joint ventures: Joint venture characteristics and wealth gains