Decline In Prices Research Articles

The simple economics of an external shock to a bug bounty platform

Abstract We first provide background on the “nuts and bolts” of a bug bounty platform: a two-sided marketplace that connects firms and individual security researchers (“ethical” hackers) to facilitate the discovery of software vulnerabilities. Researchers get acknowledged for valid submissions, but only the first submission of a distinct vulnerability is rewarded money in this tournament-like setting. We then empirically examine the effect of an exogenous external shock (COVID-19) on Bugcrowd, one of the leading platforms. The shock presumably reduced the opportunity set for many security researchers who might have lost their jobs or been placed on a leave of absence. We show that the exogenous shock led to a huge rightward shift in the supply curve and increased the number of submissions and new researchers on the platform. During the COVID period, there was a significant growth in duplicate (already known) valid submissions, leading to a lower probability of winning a monetary reward. The supply increase resulted in a significant decline in the equilibrium price of valid submissions, mostly due to this duplicate submission supply-side effect. The results suggest that had there been a larger increase in the number of firms and bug bounty programs on the platform, many more unique software vulnerabilities could have been discovered.

ЦЕНОВАЯ КОНЪЮНКТУРА И ПЕРЕОРИЕНТАЦИЯ РОССИЙСКОГО ЭКСПОРТА АЛЮМИНИЯ НА АЗИАТСКИЕ РЫНКИ В 2022–2023 гг.

The author studies the impact of market prices on the geographic sales changes of aluminium, which is historically one of the key Russian exports. The increase in supplies to the markets of China, South Korea and Turkey after February 2022 was accompanied by price decline. The regression analysis has shown that without the factor of sanctions risks in this market situation, imports from Russia would have decreased, as it steadily happened with supplies from other countries. The article also examines other market factors of the deterioration of the financial situation of the Russian aluminium industry – the rise in the costs of imported alumina due to a change of suppliers, as well as Russia’s weak energy advantages over other countries due to low prices for oil and gas. The measures of the state industrial policy to restore the global competitiveness of the industry were proposed.

The interplay of internal and external factors on corporate performance during the COVID-19 pandemic: An empirical analysis of US-listed companies

This paper investigates the interplay of internal and external factors on corporate performance during the COVID-19 pandemic, utilising the resource-based view (RBV) and system theory frameworks. The study focuses on US-listed companies and examines financial flexibility, firm size, environmental, social, and governance (ESG) scores, corporate governance, macroeconomic conditions, and industry types. Using data from over 1000 firms obtained from the Eikon Refinitiv database, the analysis covers the pandemic period (2020–2022) and extends to three years prior (2017–2019) to ensure robustness. The research identifies a negative correlation between financial flexibility and corporate performance during the pandemic. Firms with higher cash reserves and lower debt experienced less decline in stock prices and revenue shortfall, indicating the importance of maintaining financial flexibility in times of crisis.

Morphological Characterization of Cacao Plants (Theobroma cacao L.) from Dharmasraya Regency of West Sumatra

Dharmasraya, a regency in West Sumatra Province, has traditionally focused on cultivating oil palm and rubber. However, due to a decline in prices for these commodities, there has been a shift towards cultivating cacao plants. Despite several years of cultivation, cacao production in Dharmasraya Regency remains low. This is attributed to unsuitable land and weather conditions, as well as the use of inferior plant material and uncertain origins of the cacao clone. To address these issues, a research study was conducted to assess the diversity and similarity of cacao plants in Dharmasraya Regency. The study focused on four locations within Sitiung Subdistrict: Siguntur, Sitiung, Gunung Medan, and Sungai Duo. A purposive sampling method was used to select the sample plants. The data was analyzed descriptively, and similarity analysis was performed using the NTSYS 2.02 software. The study identified seven different clones of cacao plants, each with distinct morphological characteristics in terms of leaves, flowers, fruits, and seeds. The phenotypic similarity analysis revealed a coefficient value ranging from 23% to 47%, indicating a moderate level of similarity, and a variability value ranging from 53% to 77%. It was found that qualitative traits exhibited a narrow range of variability, while quantitative traits displayed a broader range of phenotypic variability.

Devaluation and stock prices

Aim: The study evaluated the causal link between exchange rate devaluation and stock prices in African stock markets within the African region, namely, Zambia, Nigeria, Uganda, Tunisia, Tanzania, Botswana, Indonesia, Egypt, South Africa, and Malaysia. Research method: The Toda-Yamamoto (T-Y) Granger causality methodology which entails a determination of maximum order of integration, determination of optimal lag length, and finally conducting the T-Y causality test based on augmented var k + dmax was used in the study. We also deployed the ARDL model to estimate the effects of devaluation on stock prices in Africa. To accommodate issues of endogeneity, we further implemented dynamic panel model estimation to unravel the true effects of exchange rate devaluation on stock prices. Findings: Currency devaluation and the consumer prices negatively impacted stock prices by 3.6% and 3.2% respectively in the short term period following a 1% rise in devaluation and consumer prices. In the long-term period, a 1% rise in currency devaluation and consumer price level stimulated 1.45% and 0.68% reductions in stock prices respectively in ten developing African countries. The lending interest rate also significantly and positively impacted stock market prices over the long-term period by 0.25% following a 1% rise in lending rate, whereas, in the short-term period, a 1% rise in lending rate stimulated 0.38% decline in stock prices of the ten African countries. Originality: in this research, we executed the Toda-Yamamoto granger causality methodology in explaining the causal relation between exchange rate devaluation and stock prices in ten developing African countries and with the ARDL model, the study estimated the effects of devaluation on stock prices in Africa. Contributions: The research is a contribution to a remarkable long-run connection linking stock market price, exchange rate and price index. Though there was a remarkable long-term association linking them, the outcome also showed an essential short-run relationship linking stock market price, consumer price index and interest rate. Limitations: This research is limited to ten countries within the African region. This choice of countries was made on basis of the available data. Hence, data could be sought on additional developing countries and estimation done for a larger sample of countries to obtain results that can be used to generalize the causality between devaluation and stock price movements.

Age-related depreciation of older properties

ABSTRACT The value of a property tends to decrease over time as it ages, resulting in a reduced ability to generate the same value. Property depreciation is a multifaceted concept that encompasses both technical and economic aspects. The purpose of the study is to evaluate whether additional information on the quality of older single-family homes affected the depreciation factor. We collected specific data from property owners on the frequency of various maintenance and reinvestment operations, both internal and external, such as the roof, foundation, heating, and kitchen. Our database consists of nearly 10,000 owner-occupied single-family houses in Sweden sold between the beginning of 2021 and 2022 that are over 30 years old. Our results show, as expected, that the depreciation per year for older properties is lower. However, for older properties that have been renovated, the age-related price effect is an appreciation. This is especially true for older properties built before 1940. Renovating and maintaining older properties can mitigate the age-related decline in prices and should be taken into account when valuing properties, especially properties older than 80 years.

Indonesia Sharia Stock Investment During Covid-19: Based on Islamic Economic Law Review

The development of technology and financial literacy has increased the number of Indonesians who use stocks as an investment instrument. This also has an impact on the popularity of Islamic stocks. This is because many people are interested in Islamic investment instruments. However, the COVID-19 pandemic has had a significant impact on stock price movements. Sharia stock prices have also experienced very volatile movements due to the COVID-19 pandemic. This phenomenon raises the question of whether investing in Islamic stocks during the COVID-19 pandemic is against Islamic economic law. This is because Islamic stock prices seem to be filled with uncertainty and have experienced a very significant price decline. Moreover, due to the COVID-19 pandemic, the number of stock investors is increasing rapidly. This article aims to analyze Islamic stock investment during the COVID-19 pandemic through the perspective of Islamic economic law. To analyze this issue, this article collects data through library research. The data were analyzed using qualitative methods. In the end, this article finds that investing in Islamic stocks during the COVID-19 pandemic does not contradict the principles of Islamic economic law. Instead, this article suggests that the public can take advantage of a certain momentum to start investing in Islamic stocks.

The Influence of the Federal Reserve System Interest Rate Hike on Tesla: Empirical Research Based on ARIMA Model

On 23 March 2022, the Federal Reserve System announced interest rate hikes and increased 25 basis points. After that, a series of negative monetary policies were carried out. Tesla CEO stated that the price of cars must be reduced when interest rates rose sharply. This means that Tesla's stock price will continue to decrease. The 25 -basis points raised the rate of interest rates and the highest interest rate reached 5 % to respond to inflation. The rate hikes of The Federal Reserve System have a great impact on the world. This article selected all stock data from Tesla from the listing to August this year (including daily data, weekly data, and monthly data) and uses ARIMA model to model and analyses the data. It will compare with the actual value of the Federal Reserve System. According to the study, the trend of the decline in stock prices after the RECERAL Reserve System raised interest rates is the same as the trend of research prediction in this article. Its interest rate hikes will cause Tesla's stock price to fall.

Budgetary and tax policy at the present stage and its role in forming budgets of different levels

Budgetary and tax policy is designed to ensure sustainable development of the Russian economy on the basis of modernization, to improve the living standards of the population by reducing social inequality, and to adapt the budget system to modern realities. The sanctions imposed by the European Union and the United States of America against Russia affect not only the production sphere, but also economy as a whole. The decline in oil prices, ruble devaluation, and outflow of foreign capital eventually lead to budget deficit. In these conditions, budgetary and tax policy remains one of the most important instruments of the economic policy pursued by the state. Increasing tax system efficiency becomes a priority. The objectives of the study include establishing budgetary and tax system effectiveness in forming budget revenues of different levels, including administrative centers (capitals of republics, regional centers). The article uses analysis and synthesis, generalization, grouping, dynamics, comparison, tabular method, and data of the Federal State Statistics Service, the Ministry of Finance of the Russian Federation, and the Federal Tax Service of the Russian Federation. It has been established that the existing budget and tax policy does not provide regional and local budgets with necessary financial resources as they are dominated by inter-budget transfers that cover only their deficit and do not ensure economic growth. All this predetermines the need to redistribute tax revenues in favor of regional and local budgets that will weaken the share of inter-budget transfers in these budgets.

The Influence of Financial Performance Q3 2023 Through Net Profit Margin (NPM), ROA and ROE on the Decrease in Share Prices of PT Herbal Medicine and Pharmaceutical Industry Sido Muncul Tbk

The purpose of this study is to determine the effect of Net Profit Margin (NPM), Return On Asset (ROA), and Return On Equity (ROE) on the decline in share prices at PT. Sido Muncul Tbk. Herbal and Pharmaceutical Industry which is listed on the Indonesia Stock Exchange for the 2023 period. This type of research is descriptive quantitative. The population in the study is the financial statements and stock prices of PT. Sido Muncul Tbk's Herbal and Pharmaceutical Industry for the 2023 period. In this study, purposive sampling techniques were used, the samples in this study were financial statements and stock prices for the quarter of 2023. Researchers use documentation observation techniques, analytical tools used using multiple linear regression analysis. The results stated that partially Net Profit Margin (NPM) and Return On Asset (ROA) did not have a significant effect on the decline in share price at PT. Sido Muncul Tbk. Herbal and Pharmaceutical Industry While Return On Equity (ROE) has a significant effect on the decline in share price at PT. Sido Muncul Tbk. Herbal and Pharmaceutical Industry Simultaneously Net Profit Margin (NPM), Return On Asset (ROA), and Return On Equity (ROE) have a significant effect on the decline in share price at PT. Herbal and Pharmaceutical Industry Sido Muncul Tbk.

Changing the Dollar Exchange Rate Up and Down and its Impact on the Performance of Iraqi Commercial Banks

The study examines the impact of the dollar exchange rate on Iraqi commercial banks' performance from 2016 to 2020. It uses secondary data from 10 banks, representing 80% of Iraq's total assets. Results show a negative effect of the dollar's rise on banks' profitability, liquidity, credit quality, and operational efficiency. Conversely, a decline in the dollar's price increases banks' profitability, liquidity, credit portfolio quality, and resource efficiency. Recommendations include diversifying revenue sources, increasing coverage ratios, restructuring credit portfolios, and developing information and financial supervision systems.

The Impact of The Russia-Ukraine War on The Dynamics of The Asean-5 Stock Market

The capital market can be defined as activities related to public offerings, securities trading, public companies, institutions, and certain professions. One of the factors considered in stock investment is the Efficient Market Hypothesis. The Efficient Market Hypothesis is a financial theory that discusses how asset prices in the market already reflect all available information. This study employs an approach to detect market reaction and market efficiency based on the event of the world oil price decline due to the Russian invasion of Ukraine on March 10, 2022, through excess or abnormal return, price impact, and fluctuation patterns observed using a multifractal model. The research results on the abnormal return of the ASEAN-5 stock index showed a significant negative reaction at t-5 and t-3 during the event of the world oil price decline due to the Ukraine and Russia war in 2022 and a significant positive reaction at t-0 during the event. The average abnormal return before and after the announcement of the world oil price decline due to the Ukraine and Russia war in 2022 showed a significant negative reaction, but there was no significant difference in price impact between before and after the event. The efficiency level of the stock index in ASEAN-5 did not show a significant difference after the announcement of the world oil price decline due to the Ukraine and Russia war in 2022.

DYNAMIC PANEL DATA GENERALIZED METHOD OF MOMENT ARELLANO-BOND APPROACH IN ECONOMETRIC MODEL RETURN ON ASSETS OF PHARMACEUTICAL COMPANIES

The impact of the Covid-19 pandemic has resulted in a significant decline in the pharmaceutical sector's stock price, so investors are hesitant to invest in the pharmaceutical sub-sector. This study aims to apply dynamic panel data regression analysis with the Arellano-Bond Generalized Method of Moment (GMM) approach to model the profitability of pharmaceutical sub-sector companies on the Indonesia stock exchange. Therefore, investors need to know the profitability of the pharmaceutical sub-sector to make an investment decision. This research will produce a profitability model for pharmaceutical sub-sector companies. The data in this study was obtained from observations of stock price movements of pharmaceutical sub-sector companies listed on the Indonesia Stock Exchange (IDX) in 2013-2022. From the resulting model, it is hoped that it can provide an overview for investors to take action to invest in shares of the pharmaceutical sub-sector. The study results show that the model meets the consistency of parameters based on the results of the Arellano-Bond test and valid instruments based on the results of the Sargan test. The t-test results show that the previous period's ROA has a positive and significant influence on ROA, CR has a negative and significant influence on ROA, DR has no significant effect on ROA, and inflation has a positive and significant effect on ROA. So, the variables that significantly affect ROA are the ROA of the previous period, CR, and inflation. Based on the study's results, investors must choose companies with a higher ROA value compared to the ROA of the previous year. And choose a company that has a low CR value.

Farmers’ Behavior in White Pepper Production in Delas Village, Airgegas District, South Bangka Regency

The decline in the amount of pepper production in Bangka Belitung was caused by the decline in the selling price of white pepper received by farmers. Apart from the decline in the selling price of white pepper, the development of other plantation commodities also influences farmers' behavior in cultivating white pepper, so that many pepper farmers choose to switch to farming other commodities. The aims of this research are 1) to describe farmers' behavior in cultivating white pepper in Delas Village, Airgegas District, South Bangka Regency, and 2) to analyze the factors that influence farmers' decisions in cultivating white pepper in Delas Village, Airgegas District, South Bangka Regency. . This research was conducted using a survey method. Sampling used purportive sampling with a sample size of 80 respondents. Data were analyzed using quantitative descriptive and binary logistic regression. The results of the research show that the behavior of farmers in cultivating white pepper in Delas Village with a percentage of 30 percent is still cultivating pepper even though the price of white pepper is low for the reason that it has been a culture passed down from generation to generation and so that the availability of pepper remains even in smaller quantities. Meanwhile, 70 percent of farmers chose to change their pepper farming to other commodities such as palm oil and rubber. The factors that influence farmers' decisions in cultivating white pepper are the variables Number of Dependents and other sources of income.

Peningkatan Literasi Keuangan Masyarakat Melalui Sosialisasi Manajemen Keuangan Keluarga

The majority of the livelihoods of the people of Kenaran Hamlet are vegetable farmers and itinerant vegetable traders. In facing market realities, they are often disadvantaged by a significant decline in vegetable prices due to abundant supply. Knowledge about financial literacy and sound financial management is needed to address this wisely. To realize this, community service activities must educate the community to make their lives more economically prosperous. Departing from this, a family financial management socialization program was created to improve residents' financial literacy. This program was carried out in several stages: observation, program preparation, socialization, and evaluation. The result of this program is the local community's understanding of sound financial management and increased financial literacy to achieve economic prosperity.

ESG and CEO turnover around the world

We investigate whether CEOs around the world are held accountable for stakeholder-related corporate misbehavior. The likelihood of CEO turnover increases significantly when the media coverage of the ESG incidents reaches extreme levels. CEO turnovers occur even in the cases where an incident does not lead to a stock price decline. In such cases, the board likely has a non-pecuniary motive for the turnover. This suggests that such non-pecuniary reputational concerns are an important determinant of CEO turnover decisions around the world, especially when the firm is facing intense public pressure due to stakeholder-related corporate misbehavior. This effect is more pronounced when firms are headquartered in stakeholder-oriented countries like many European countries.

Research on the Impact of Drug Centralized Purchase System on the Performance of Chinese Pharmaceutical Enterprises

As an important industry to maintain life and health and social stability, the pharmaceutical industry has always been the focus of the whole society. The centralized pharmaceutical procurement policy implemented in China since 2019 has effectively solved the problem of "supporting doctors with medicine", but there is still a lack of academic research on its impact on the performance of pharmaceutical enterprises. Therefore, this study uses the case analysis method to analyze the financial data of 8 representative enterprises in the field of chemical medicine, high value consumables and biological products (insulin) to study the impact of policies. The study found that the centralized procurement policy has a significant effect on the price decline and market share increase. In the short term, it will have a certain impact on the performance of pharmaceutical enterprises, and different enterprises in different sub industries will be affected differently due to different sizes. In the long run, it will be conducive to the development of pharmaceutical enterprises and promote the standardization and centralization of the pharmaceutical market.

Analysis of the Reorganization of ST Zhangzi Island

As a matter of fact, ST Zhangzi Island is a Chinese company primarily engaged in marine aquaculture. However, in recent years, the companys stock price has fallen, and it has faced lots of difficulties from the perspectives of operation, financing as well as fraud. One of the main reasons leading to the decline in the companys stock price and its difficulties is its financial problems. This study provides an in-depth analysis of ST Zhangzi Island s financial situation. According to the analysis, it is found that the company has a large amount of inventory backlog and overdue payments. Additionally, there are certain issues in terms of equity structure and internal monitoring. Through a thorough study and analysis of this case, this research summarizes the lessons learned from its restructuring, providing reference and guidance for similar situations in other companies. Overall, these results shed light on guiding further exploration in terms of similar cases in different industries.

NAVIGATING THE FINANCIAL LANDSCAPE: Analyzing Stock Returns in the Face of Inflation, Interest Rates, and Investment Risk

The decline in stock price has an impact on reducing the results received by shareholders. The purpose of this study is to determine and analyze how the influence of inflation, interest rates, and investment risk on stock yields, with financial performance as a factor that also plays a role, in companies engaged in the food and beverage sector from 2017 to 2021. This study used a descriptive method that looks for relationships between variables, using existing data. To analyze the data, panel data analysis and Eviews 12 software are used. A total of 54 food and beverage companies were the focus of this study, which were listed on the Indonesia Stock Exchange during the period. Sampling is carried out by selected sample method, by purposive sampling. A total of 11 companies were selected as samples in this study. The test results show that together, i.e. simultaneously, inflation, interest rates, investment risk, and financial performance have a significant impact on the stock yield of these companies.

서방제재가 러시아 금융시장에 미친 영향

After the outbreak of the Ukraine crisis in 2014, Russia began to face economic sanctions from the West. Over time, Western sanctions have gradually expanded to various sectors such as individuals, institutions, industry, and trade. Western sanctions are expected to enlarge and prolong due to the outbreak of the Russo-U.S. war in 2022. Experts assessed those Western sanctions act as a risk factor for the Russian financial market, including increasing instability in the Russian financial market. In fact, Russian financial indicators fluctuated when new sanctions were introduced. Against this background, this study focused on the impact of Western sanctions on the Russian financial market. This study is significantly different from existing studies in that it isolates the direct impact of Western sanctions through the SVAR model using an index developed to quantitatively measure Western sanctions between 2014 and 2019. As a result of the analysis, the impact of Western sanctions was found to be very minimal. This is because the sanctions index was limited to EU sanctions, and the speed of expansion of sanctions during that period was relatively slow. The Russian financial market was found to have been more affected by factors indicating economic downturn such as an increase in the exchange rate and a decline in oil prices during that period.