Market Appreciation Research Articles

Pengaruh Produksi Kelapa Sawit, Harga Minyak Kelapa Sawit Dunia, dan Emisi Karbon terhadap Volume Ekspor Minyak Kelapa Sawit Indonesia

Indonesia is the largest producer and exporter of palm oil in the world. Unfortunately, Indonesian palm oil exports are influenced by various factors, including environmental issues, which ultimately disrupt export benefits. This research aims to analyze the influence of production, world prices, and carbon emissions on the volume of Indonesian palm oil exports. The analytical method used is Two Stage Least Square (2SLS) with simultaneous supply and demand equations for Indonesian palm oil export volumes from 1991-2021. The research results show that the increase in palm oil plantation areas in Indonesia has positively contributed to the increase in world palm oil prices as demand also increases. Furthermore, the increase in world palm oil prices has encouraged Indonesia's exports to world markets. The increase in Indonesian palm oil production has encouraged an increased volume of exports to the world market. However, market appreciation for environmentally friendly palm oil has not contributed positively to the price and increase in palm oil export volume.

Housing Market Appreciation and the White-Black Wealth Gap

Abstract Real house prices in the United States have risen by 55 percent over the last four decades, driving substantial wealth benefits to homeowners. However, research has not explored how this rise in house prices has affected White-Black wealth gaps, or the mechanisms that may underlie this relationship. Using geocoded longitudinal household-level wealth data from the Panel Study of Income Dynamics and tract-level house price index data, I estimate that housing market appreciation between 1984 and 2021 explains 70 percent of the increase in the median White-Black wealth gap over this period. I find that most of this effect is due to White-Black gaps in homeownership, with White-Black gaps in house values playing a smaller role. In contrast to recent findings about racialized housing markets, I do not find that gaps in neighborhood house price appreciation between White and Black homeowners contributed to White-Black wealth gaps in the 2000s and 2010s. These results highlight the importance of cumulative advantage processes in driving wealth inequalities and demonstrate how the legacies of institutional racism contribute to contemporary racial wealth gaps.

Comparing Degradation Mechanisms, Quality, and Energy Usage for Pellet- and Filament-Based Material Extrusion for Short Carbon Fiber-Reinforced Composites with Recycled Polymer Matrices

Short carbon fiber (sCF)-based polymer composite parts enable one to increase in the material property range for additive manufacturing (AM) applications. However, room for technical and material improvement is still possible, bearing in mind that the commonly used fused filament fabrication (FFF) technique is prone to an extra filament-making step. Here, we compare FFF with direct pellet additive manufacturing (DPAM) for sCF-based composites, taking into account degradation reactions, print quality, and energy usage. On top of that, the matrix is based on industrial waste polymers (recycled polycarbonate blended with acrylonitrile butadiene styrene polymer and recycled propylene), additives are explored, and the printing settings are optimized, benefiting from molecular, rheological, thermal, morphological, and material property analyses. Despite this, DPAM resulted in a rougher surface finish compared to FFF and can be seen as a faster printing technique that reduces energy consumption and molecular degradation. The findings help formulate guidelines for the successful DPAM and FFF of sCF-based composite materials in view of better market appreciation.

Inventory management for aging products with supply chain finance: the warehouse financing option

For businesses specializing in ameliorating goods, such as seasoned cheese, traditional financing models pose unique challenges. Inventory financing relies heavily on past performance, often overlooking the inherent value increase associated with proper aging. This can lead to limited access to capital, hindering growth and operational stability. Warehouse financing emerges as a specialized solution specifically designed for businesses with maturing inventory. Lenders recognize the future value potential of these goods, offering secured loans based on anticipated market appreciation. This approach unlocks immediate cash flow, empowering businesses to cover operational costs, invest in expansion, or manage cash flow fluctuations. This study develops and discusses inventory problems for the specific class of "ameliorating" products, integrated with the warehouse financing technique, to combine the two topics and highlight their main features but above all their scientific and practical importance. The models proposed are focused on a decentralized scenario (single actor perspective) and a centralized scenario (supply chain perspective) to compare the optimal solution in terms of the aging period while maximizing the annual profit. Furthermore, from the supply chain perspective, a multi-supplier single-manufacturer supply chain is proposed with a deteriorating raw material (i.e., fresh milk). While cheese is a prime example, warehouse financing can benefit a diverse range of businesses dealing with ameliorating goods (such as wines, coffee, and aged spirits).

Aproveitamento dos resíduos do tamarindo no vale do São Francisco: potencial alimentar e nutricional

ABSTRACT: This performed a technical application of tamarind residues (peel and seeds) in a habitually-consumed food product (cookie) and to verify its sensory and market acceptance. We initially proceeded by preparing the peel flour and roasted seeds by conventional drying. Then, the flours were physico-chemically characterized. Next, the products were prepared; cookies were prepared replacing wheat flour with peel flour (PF0, 15 and 30%), and a second kind of cookie was made by replacing wheat flour with roasted seed flour (SF0, 15 and 30%). Affective tests (hedonic scale, attitude and ordering) and purchase intention were subsequently evaluated to verify sensory acceptability. All cookies generated high energy value. The fiber content was higher in the incorporated formulations compared to the standards. The highest sensorial acceptance mediansfor the peel flour cookies were for the standard cookie and the cookiewith 15% peel flour, which were statistically equivalent. Conversely, the cookie with 30% peel flour had lower medians compared to the others. Other tests also revealed better scores for standard formulations and 15%peel flour. There was no difference in the medians by the hedonic tests, attitude and purchase intentionfor cookies prepared with roasted seeds, presenting scores indicating high sensory and market appreciation. It is concluded that it is possible to incorporate tamarind peel flour and roasted seeds in cookies and add nutritional value, especially at a concentration of 15%.

Growth performance of wild cherry (Prunus avium L.) clones in planted forests under different managements in Galicia, NW Spain

Abstract Wild cherry (Prunus avium L.) is one of the main valuable temperate broadleaved species from Europe considering the market appreciation of their timber. In the present study we analyzed the growth performance of different wild cherry clones under different management treatments. A field trial was settled in Bosques Naturales S.A. “Sendelle” forests (Arzúa, Galicia, NW Spain) with a multifactorial design to analyze the effect of clones (4 clones), pruning intensity (33 % and 50 % of total height) and fertilization (3 treatments). It was monitored for 8 years. Clone was found out to be the most important variable in this study while tree growth was neither significantly affected by the pruning intensity nor the fertilization treatments. Clone selection is highlighted as a key issue in wild cherry commercial planted forests for timber production and the selected C-15 clone shows an excellent field performance compared to other clones based on the trial and the literature, reaching a DBH of 14 cm after eight years.

Specific financial and stock indicators as a sign of investment attractiveness of domestic vertically integrated companies

Subject. The article considers the specific financial and stock market indicators of the 25 biggest oil and gas companies from 2006 to 2018. Objectives. The aim is to identify key trends in the specific financial and stock market indicators of leading publicly traded oil and gas companies and reveal the factors that have led to this transformation, during the study period. Methods. The study draws on methods of comparative, financial, and economic analysis, as well as generalization of materials of consolidated financial statements. Results. The study established that the prolonged industry crisis had the strongest impact on the group’s performance, and independent companies were the most affected. Negative trends were evident in the period of high oil prices, when specific capital expenditures in the exploration and production sector increased, while profitability and market appreciation of the barrel of production declined. The industry crisis only aggravated the situation in the industry. It was revealed that the processing of purchased raw materials, as well as the resale of products, may have a significant impact on the specific net revenue from core activities. The study identified that having a serious difference in the level of debt, it is better to use an indicator of company's market value, rather than capitalization. Conclusions. There is a decrease in the specific profitability of hydrocarbon production in the stock market segment of the industry. It has an adverse effect on the market attractiveness of the oil and gas sector.

Get Your Ducks in a Row: Serial Acquisition Strategies and Market Response

Acquisitions are key to innovation in high-tech industries, yet markets see the acquisitions of serial acquirers more negatively than less frequent acquirers. Drawing on signaling theory this study investigates the effect of shifting acquisition behavior for serial acquirers as they select between exploitative and explorative targets. Considering cconfigurational choice for a firm’s serial acquisition portfolio relative to market appreciation, we test our hypotheses by investigating 204 serial acquirers, performing 1415 innovation oriented acquisitions of which the strategic intent backing the acquisition was identified. We find evidence consistent that exploration and exploitation oriented acquisitions should be balanced in order to sustain firm performance. More specifically, results show that investors are reacting positively on an exploratory acquisition after a more exploitative strategy, compared to a switch towards exploitative innovation through the focal M&A. Insights provide for a better understanding of market signaling in the context of innovation driven serial acquisitions.

Detecting contagion in Asian exchange rate markets using asymmetric DCC-GARCH and R-vine copulas

This study uses asymmetric DCC-GARCH models and copula functions to study exchange rate contagion in a group of twelve Asia-Pacific countries. Using daily data between November 1991 and March 2017, we show that extreme market movements are mainly associated with the high degree of interdependence registered by countries in this region. Evidence of contagion is scarce. Asymmetries do not appear to be important. Specifically, currency co-movements are statistically identical during times of extreme market appreciation and depreciation, indicating that phenomena such as the fear of “appreciation” do not appear to be relevant in the region’s foreign exchange markets.

R&D innovation indicator and its effects on the market. An empirical assessment from a financial perspective

We propose an alternative firm-level measure for innovation activities—R&D elasticity—and we analyse its effects on the Tobin's Q of listed companies on the Euronext 100 Index. We find that R&D elasticity is positively related to market appreciation by stakeholder investors. Moreover, we analyse the role of default risk in the relationship between innovation activities and market value, and find that firms' default probabilities are negatively related to Tobin's Q. These findings are supported by OLS regressions, wherein Tobin's Q is regressed on R&D elasticity, five-year default probability, and controls such as ESG voluntary disclosure. These results further the research aimed at developing a conceptual framework for integrating at a policy level the R&D elasticity indicator as a type of innovation disclosure among the non-financial disclosures released by companies.

PENGARUH STRUKTUR KEPEMILIKAN MANAJERIAL PADA NILAI PERUSAHAAN DENGAN KEBIJAKAN DIVIDEN SEBAGAI VARIABEL INTERVENING

The purpose of this study was to determine the effect of managerial ownership structure on firm value with dividend policy as an intervening variable (case study on manufacturing companies on the IDX for the period 2014-2016). The number of samples taken was 42 manufacturing companies. Data collection is done through non-participant observation. Multiple regression analysis techniques and path analysis.
 Based on the results of the analysis it was found that the managerial ownership structure had a positive and significant effect on firm value. Managerial ownership structure has a positive and significant effect on dividend policy. Dividend policy has a positive and significant effect on firm value. This result supports Signaling theory, that dividend payments are a signal to the market, so dividend payments can increase market appreciation for the company's shares. Then there is an indirect effect of managerial ownership structure on the value of company with dividend policy as an intervening variable. This proves that dividend policy is an intervening variable that connects managerial ownership structure with firm value.

Credit spread approximation and improvement using random forest regression

Credit Default Swap (CDS) levels provide a market appreciation of companies’ default risk. These derivatives are not always available, creating a need for CDS approximations. This paper offers a simple, global and transparent CDS structural approximation, which contrasts with more complex and proprietary approximations currently in use. This Equity-to-Credit formula (E2C), inspired by CreditGrades, obtains better CDS approximations, according to empirical analyses based on a large sample spanning 2016–2018. A random forest regression run with this E2C formula and selected additional financial data results in an 87.3% out-of-sample accuracy in CDS approximations. The transparency property of this algorithm confirms the predominance of the E2C estimate, and the impact of companies’ debt rating and size, in predicting their CDS.

Do investors gain from sustainable investing An empirical evidence from India

Present actions of the company have an influence on its long-term success as well as on the well-being of the society, ecosystem and environment. Sustainable investing is gaining critical attention world-wide. This study aims to empirically test whether corporate sustainability (CS) has an impact on market value. The relationship is examined using the panel data of Indian non-financial firms from 2010 to 2015 that are consistently ranked by Thomson Reuters ASSET4 database. Taking market value as proxy for firm value, a significant positive relationship is found between CS and market value. We find evidence to support firms that employ sustainable strategies in business policy formulations are better rewarded by investors with higher valuations in capital markets. This study provides empirical support for the stakeholder theory as is perceived by the proponents of ethical business practices. It suggests that businesses that seek capital market appreciation can likely achieve it by aligning corporate virtue of profit to ESG which helps to build social reputation and brand for the firm.

Reviewing Mergers: Assessing Performance and Strategic Issues

Based on secondary data and interviews of executives, this paper reviews mergers during last decade in India. Based on this review of mergers of companies in India, the author finds that there is a positive impact of mergers on earning per share and therefore there is a tendency on the part of companies to go for merger with the ultimate objectives of gaining synergies and better performance. Secondary data revealed the due to merger, there was decline in return on assets, but the Earning per share improved, which resulted in better valuation and better market appreciation. Primary data revealed that executives found that merger improved overall performance. However, the author also finds that there is lack of proper information among employees. The executives reported experiencing heightened level of stress and anxiety due to the event of merger. There is a need of proper orientation and information sharing and training to the employees. Mergers generate positive outcomes, but companies must also focus on building better culture and create proper motivation and training among employees.

Tingkat Keuntungan Bank di Indonesia setelah Krisis Subprime 2008 di Amerika Serikat

Subprime Mortgage in America has a wide impact on the world including Indonesia. The researcher examines its relationship with banks in Indonesia. The economic downturn in the United States will have an impact on the global economic downturn. Thus, the Indonesian economy will also be affected. If there is an economic downturn, the financial sector in this case is represented by the banking sector, which will first decrease its value. The analysis used uses the method of analyzing financial statements. Based on the data from the Audited Financial Report, the banking sector growth and operational performance can be analyzed. The results found were the linkage of Du Pont's Stock Returns and ROE. High ROE will result in rising stock prices on the market. Nevertheless, market appreciation for each bank is not the same because there are banks that are more appreciated by the market or conversely there are banks that are not appreciated as high as other banks.

SINFONIA Project Mass Appraisal: Beyond the Value of Energy Performance in Buildings

Energy retrofit of existing buildings stock is today a major urban challenge and opportunity. Although a market appreciation of green buildings is generally recognized, specificities related to different countries, contexts and sectors still need further investigation. Moreover, the energy retrofit carries with it multiple elements, ranging from monetary savings to personal fulfillment of living greener. The ongoing European smart city project SINFONIA offers the chance to analyze a double international case study, and to estimate expected positive effects on dwellings’ value, due to energy retrofit measures undertaken at the district level. This paper, starting from previous similar experiences, designs an operational approach based on spatial hedonic price method and analytic hierarchy process. Finally, it suggests how to develop a spatialized mass appraisal by linking results with a geographical information system. Such approach will contribute to assess the socio-economic impact of SINFONIA project and to evaluate the effectiveness of further smart city initiatives.

Choice between alternative investments in agriculture: The role of organic farming to avoid the abandonment of rural areas

Abstract Sicily has a long tradition in citrus fruit cultivation that, with vineyard and olive tree, represents the main Mediterranean tree crops. Since many Sicilian farmers in recent years have decided to abandon conventional lemon orchards, in this paper we have evaluated the financial sustainability of organic lemon production by comparing it with the conventional one. Financial analysis has been carried out in a case study on the northwestern coast of Sicily, considering a 50-year economic life of an orchard. The results, per hectare of area, showed a clear advantage of organic lemon orchard. This was due to fewer labor requirements and to greater market appreciation for organic products that better ensured a premium price. Moreover, financial indicators of organic lemon orchards and the deployment of environmental-friendly inputs in the production process render these farms competitive and eco-friendly.

Economic and Financial Comparison between Organic and Conventional Farming in Sicilian Lemon Orchards

Sicily has a long tradition in citrus fruit cultivations that with vineyard and olive tree represent the main Mediterranean tree crops. In this paper we have evaluated the economic and financial sustainability of lemon production, both in organic farming and in conventional farming; the two systems differing just for inputs utilized in production process. Economic analysis has been carried out in a representative case study located in the Sicilian northwestern coast, considering an orchard economic life equal to 50 years. Results, which referred to one hectare area, showed both a higher economic and financial sustainability of organic farming respect to conventional farming. The higher profitability of organic farming was due to minor labor requirement and to greater market appreciation for organic products that granted a premium price respect to conventional prices. Moreover, greater profitability of organic farming and use of environmentally friendly inputs in production process make farms competitive and eco-friendly.

Equity hedging and exchange rates at the London 4 p.m. fix

We test the hypothesis that hedging by international equity portfolio managers affects exchange rates—the “hedging channel of exchange rate adjustment”. A key institutional feature of the foreign exchange market, the “London 4p.m. fix”, is used to identify times when hedging trades concentrate. The direction of hedging trades is identified by past equity returns. The findings show that equity market appreciation over the month can be used to predict currency depreciation before the end-of-month fix, providing evidence that hedging activity plays a role in exchange rate determination.

Real estate valuation, current account and credit growth patterns, before and after the 2008–9 crisis

We explore the stability of the conditioning variables accounting for the real estate valuation before and after the crisis of 2008–9, in a panel of 36 countries, recognizing the crisis break. We validate the robustness of the association between the real estate valuation and lagged current account patterns, both before and after the crisis. The most economically significant variable in accounting for real estate valuation changes turned out to be the lagged real estate valuation appreciation (real estate inflation minus CPI inflation), followed by lagged declines of the current account/GDP, lagged domestic credit/GDP growth, and lagged equity market valuation appreciation (equity market appreciation minus CPI inflation). A one standard deviation increase in lagged real estate appreciation is associated with a 10% increase in the present real estate appreciation, larger than the impact of a one standard deviation deterioration in the lagged current account/GDP (5%) and of the lagged domestic credit/GDP growth (3%). The results are supportive of both current account and credit growth channels, with the momentum channels playing the most important role. Smaller current account/GDP surpluses or larger deficits may serve as warning signals, especially when coinciding with credit expansion and real estate appreciation during the past several quarters.