Actual Share Research Articles

: (Small and Medium Business in Agricultural Industry of Russia: Identification Problems)

Russian Abstract: Обсуждаются проблемы статистического учета субъектов малого и среднего предпринимательства в экономике. Особое внимание уделено сельскому хозяйству, где существенная часть товарной продукции (65%) производится субъектами малого и среднего предпринимательства. Приводятся оценки фактической доли малых предприятий в отрасли. Отмечается, что, федеральный закон «О развитии малого и среднего предпринимательства в Российской Федерации» требует внесения целого ряда принципиальных поправок.English Abstract: Problems of the statistical recording of subjects of a small and average entrepreneurship in economy are discussed. Special attention is paid to agricultural industry.Estimates of the actual share of small enterprises in branch are given. It is noted that, the federal law About Development of Small and Average Business in the Russian Federation demands introduction of a number of basic amendments.

아시안하이웨이 6번 노선의 국제여객 교통수단선택에 관한 연구

By promoting the international transportation and the improvement of advanced exchange between South and North Korea, the Asian Highway plan was expected to make considerable economical effects in the North-East Asian region. This study focuses on a part of AH6 route (i.e., South Korea-North Korea-China-Far East Russia) and aims to analyze the behavioral change of international passenger transport around the Korean Peninsula by assuming the non-existent North Korea land transport network connectivity. The study was performed using two main methods. First, a stated preference survey was performed to derive the actual modal share of each travel mode. Second, a disaggregate analysis was performed to develop possible mode-choice models for international passenger travel and find out the suitable choice. Based on the results of the model estimation, it is found that over 90% of the international passenger transport would be converted to land transport (rail+highway). In addition, international railroad modal share rate would be increased from 62.8% to 66.1% and international bus would be decreased from 29.6% to 21.9% as the distance lengthened (903km~1,631km).

Occurrence of white pocket rotin Pine stands of older age classesin North-Western Poland

The study analysed the occurrence of white pocket rot in older pine stands. Analyses were conducted during cutting operations, which provided an opportunity to examine each felled tree in terms of the occurrence of heartwood rot. Based on observations it was found that the actual share of trees infested by Porodaedalea pini considerably exceeds the number of trees with external symptoms. Most frequently the range of rot caused by P. pini covered sections from the root swelling to a heightof 5 m.

Why do Firms Repurchase Shares? Evidence from Actual Share Repurchases

In practice, the share repurchase announcement is not a commitment to managers. To this end, the large difference between the actual and announced share repurchases is often observed in markets. In this paper, we explore the implications from actual share repurchase activities, different from the existing methods which focus on the announcements of share repurchases and hence largely ignore the managers’ actual repurchasing activities. By considering actual share repurchases and controlling variables, the new empirical evidence found in this paper clearly supports the agency and investor divergence of opinion hypotheses, but not for the information asymmetry hypothesis.

The Impact of High-Frequency Trading on Volatility. Evidence from the Italian Market

The huge increase of HFT activity in recent years has posed the crucial question of whether it is beneficial for financial markets to both researchers and regulators. Recent academic research has studied the impact of HFT on different measures of market quality, such as liquidity, transaction costs, market integrity and efficiency, though the results are sometimes non conclusive. This study focuses on the impact of HFT on stock price volatility over the period 2011-2013 for a sample of 35 blue chips traded on Borsa Italiana. High frequency traders (HFTrs) are identified according to two methods. The first one, based on public information on the trading strategies of market participants, led us to identify 14 traders (so called ‘pure’ HFT firms). The second one includes the main investment banks active in the European markets, since they carry out some proprietary trading which could take the form of HFT (as stemming from the evidence reported in ESMA, 2014). These approaches allow the identification of a lower and upper bound for the actual share of HFT on total trading volume. Potential endogeneity of HFT is controlled through an instrumental variable approach, using as an instrument the introduction of a new trading platform that eased the HFT activity by decreasing the latency. Results show that an exogenous increase of HFT activity causes a statistically and economically significant increase in volatility. In details, an increase by one standard deviation of HFT activity carried out by ‘pure’ HFT firms raises volatility by an amount between 0.5 and 0.8 standard deviations. This means that, if HFT activity increases by 10 percentage points the annualized intraday volatility increases by an amount between 4 and 6 percentage points depending on the specification used. If we also take into account the activity carried out by investment banks the impact of an increase by 10 percentage points of HFT activity leads to an increase of annualized volatility by an amount between 3 and 5 percentage points. This paper adds to the existing literature by providing new empirical evidence from the Italian market. Furthermore, it contributes to the policy debate, which had recently led the European regulators to introduce new rules aimed at mitigating possible negative effects of HFT.

Transportation Costs and Subsidy Distribution Model for Urban and Suburban Public Passenger Transport

Public transport (PT) subsidy provides the means to impose the optimal combination of fare and Level of Service (LoS) offered to passengers. In regions where one PT operator services multiple local communities on multiple lines it becomes hard to uniformly link the actual cost of a line and thus the LoS offered, to a particular local community. This leads to possible disproportions in the overall subsidy distribution that can result in being unfair to some local communities, mainly the ones that are sparsely populated or geographically isolated. In order to extricate this problem the appropriate level of PT subsidisation according to the average values in the European cities was investigated and the current subsidy policies in Croatia were investigated. Based on this research and the hypothesis that the offered LoS must be reflected in the subsidy amount a new subsidy distribution model was established that involves a series of analytical procedures and processes. This model introduces several factors used for the calculation of the actual share in costs. Thus, the amount of subsidies for individual lines in a region can be determined based on the actual service offered to the local community, The proposed model has been tested and successfully implemented in the Dubrovnik-Neretva County in the Republic of Croatia.

Español

Colombian internationalization process is a key issue in terms of growing and developing of the actual society. Consequently, the globalization of the economy is characterized as well, by internationalization processes. During the last years, Colombia has been involved in such internationalization processes; nevertheless, there is still a lot to improve in this area, having in account that Colombian’s actual share on global markets is reduced. This essay focuses on analyzing main causes of this situation at a National level. The author view includes the increasing on production as a key factor on the Colombian internationalization processes.

The Timing of Actual Share Repurchases

Numerous studies document that firms buy back below average market prices. I model two hypotheses explaining the timing of actual share repurchases and test their predictions using a unique data set for the U.S. for the period 2004-2010. The market-timing hypothesis postulates that firms anticipate returns and thus buy back before stock price increases. The contrarian-trading hypothesis proposes that firms buy back more at lower stock prices simply because repurchases are negatively related to realized returns. While contrarian-trading firms have no timing ability ex-ante, their trading behavior generates empirical patterns suggesting ex-post that firms are able to buy back below average market prices. The empirical finding that firms buy back shares below average market prices can be entirely explained by contrarian-trading. Actual share repurchases are not followed by positive abnormal returns.

Insider Purchases Talk and Buybacks Whisper

This study compares and contrasts actual share repurchase transactions with insider purchases. With a unique daily data set of actual share repurchases and insider purchase transactions from the London Stock Exchange, we provide direct evidence on market timing and price support. We show that insider purchases can provide price support for the company, while timing the market. Furthermore, the evidence shows that undervaluation, size and liquidity are the major determinants of the market reaction for both share repurchases and insider purchases. Finally, we find that undervaluation and size are the major differentiating factors between insider purchases and share repurchases.

Can the information content of share repurchases improve the accuracy of equity premium predictions?

We adjust the dividend–price ratio for share repurchases and investigate whether predictive power can be improved when constructing forecasts of the UK and French equity premia. Regulations in the two largest European stock markets allow us to employ actual repurchase data in our predictive regressions. Hence, we are able to overcome problems associated with markets characterised by less stringent disclosure requirements, where investors might have to rely on proxies for measuring repurchase activity. We find that predictability does not improve either in a statistical or in an economically significant sense once actual share repurchases are considered. Furthermore, we employ a proxy measure of repurchases which can be easily constructed in international markets and demonstrate that its predictive content is not in line with that of the actual repurchase data.

The Impact of Investor Heterogeneity in Beliefs on Share Repurchase

In this paper, we propose a new share repurchasing model to show the impact of the heterogeneity of investor beliefs on share repurchase. We first provide a comprehensive survey on the literature of share repurchases which has not been considered by previous studies, to the best of our knowledge. We review both the theoretical model structures and the major empirical results including various measures of divergence of opinion developed in the literature. Our new repurchasing model uses actual share repurchases to show that investors’ divergence of opinion on the firm value matters in a manager’s share repurchase decision. The long-term stock price performance is consistent with our model predictions.

Tsx Stock Repurchase Announcements and the Impact of TSX Disclosure Requirements

This paper examines the market reaction to Toronto Stock Exchange (TSX) stock repurchase announcements. The findings indicate that TSX stock repurchase announcements result in a significant market reaction and provide mixed support for the TSX requirements to disclose the reason(s) for a stock repurchase program and to report actual share repurchases on a timely basis.

Can the Information Content of Share Repurchases Improve Out-of-Sample Predictive Performance?

We adjust the dividend-price ratio for share repurchases and investigate whether predictive power can be improved when constructing forecasts of UK and French equity premia. Regulations in the two largest European stock markets allow us to employ actual repurchase data in our predictive regressions. Hence, we are able to overcome problems associated with markets characterised by less stringent disclosure requirements, where investors might have to rely on proxies for measuring repurchase activity. We find that predictability does not improve either in a statistical or in an economically significant sense once actual share repurchases are considered. Furthermore, we employ a proxy measure of repurchases which can be easily constructed in international markets and demonstrate that its predictive content is not in line with that of the actual repurchase data.

Actual Share Repurchases and Liquidity: Evidence from Thailand

This paper examines the impacts of actual share repurchases on stock liquidity of companies listed on the Stock Exchange of Thailand (SET) over 2001-2010. The results show that bid-ask spreads are narrower, price impact is lower, and turnover is higher on repurchase days compared to those on non-repurchase days. In addition, the number of actual shares repurchased is found to be negatively related to bid-ask spreads and price impact, and positively related to turnover. Overall, the findings clearly indicate that actual share repurchases have positive impacts on stock liquidity.

Field experiment estimate of electoral fraud in Russian parliamentary elections

Electoral fraud is a widespread phenomenon, especially outside the developed world. Despite abundant qualitative and anecdotal evidence on its existence from around the world, there is very limited quantitative evidence on the extent of electoral fraud. We exploit random assignment of independent observers to 156 of 3,164 polling stations in the city of Moscow to estimate the effect of electoral fraud on the outcome of the Russian parliamentary elections held on December 4, 2011. We estimate the actual share of votes for the incumbent United Russia party to be at least 11 percentage points lower than the official count (36% instead of 47%). Our results suggest that the extent of the fraud was sufficient to have had a substantial impact on the outcome of the elections; they also confirm that the presence of observers is an important factor in ensuring the integrity of the procedure.

2012 Fiscal Model Failure: A Problem of Measurement?

The Fiscal Model forecast of the 2012 presidential election published in the October issue of PS: Political Science and Politics not only failed to predict that President Obama would win reelection handily, but missed his actual share of the two-party vote by about five percent points (46.9% v. 51.8%). An “audit” of the model appears to show that the failure was likely caused by faulty measurement of fiscal policy of presidents who, like Obama, were in the first term of a new party reign. Taking account of those cases improves model fit and generates an out-of-sample forecast for 2012 that is within one percent point of the actual.

Actual Share Buybacks in India

Share buybacks by companies in India result in significantly positive price changes around the announcement days as well as the declared and actual buyback start days. The average cumulative abnormal return in the (-3,0) window around buyback announcement days is 3.78% and that around declared buyback start days is 2.97%. The abnormal return on actual buyback start dates is higher for the companies that start their buyback program on the declared start dates. Over the course of the buyback program, there is an average daily abnormal return of 0.25% on all buyback days compared to 0.00% on all non-buyback days. The abnormal returns on buyback days are higher for small and value firms. The abnormal returns are also higher on days when more shares are bought back by the company. This confirms a direct relation between buybacks and share price changes on a daily basis. The aggregate buyback is larger for companies with higher unexpected cash flows.

Share Repurchase Reasons and the Market Reaction to Actual Share Repurchases: Evidence from Australia

AbstractUsing repurchase reasons provided by Australian companies for their stock repurchase programs, we ask if the market's response is different across repurchase motivations by examining actual daily share repurchases. We find that firms with the undervaluation motive experience a more positive stock price reaction when they report their repurchases to the market. We show that undervaluation motive firms repurchase fewer shares and have a lower program completion rate than other motives firms. During the 1‐year period following the repurchases, undervaluation motive firms do better than their control sample firms whereas other motive firms do not perform better or worse than their control sample firms. Overall, our results suggest that the undervaluation motive is a stronger signal than other repurchase motives, and contrary to the predictions of the standard signaling theories, management statements carry some value for the market. We also present some evidence suggesting that a costly action may not be needed for a signal to be credible.

Actual Share Repurchases and Liquidity: Evidence from Thailand

Actual Share Repurchases and Liquidity: Evidence from Thailand

Regulatory Uncertainty and Market Liquidity: The 2008 Short Sale Ban's Impact on Equity Option Markets

ABSTRACTWe examine how the September 2008 short sale restrictions and the accompanying confusion and regulatory uncertainty impacted equity option markets. We find that the short sale ban is associated with dramatically increased bid‐ask spreads for options on banned stocks. In addition, synthetic share prices for banned stocks become significantly lower than actual share prices during the ban. We find similar results for synthetic share prices of hard‐to‐borrow stocks, suggesting that the dislocation in actual and synthetic share prices is attributable to the increased hedging costs for options on banned stocks during the short sale ban.