Analysis Of Market Performance Research Articles

Participation of Firms in Voluntary Environmental Protection Programs: An Analysis of Corporate Social Responsibility and Capital Market Performance

The Environmental Protection Agency (EPA) employs voluntary programs as a policy instrument to encourage firms to go beyond mere compliance with laws and regulations in protecting the environment. Based on event study methodology, this paper tests for abnormal stock market returns from membership in the National Environmental Performance Track (NEPT) program. The analysis shows that there is strong evidence that acceptance of a facility to the NEPT adds significantly to the market capitalization of the accepted firms. Corporate social responsibility can be financially rewarding for firms and voluntary programs of the EPA can be an effective complement to performance-based regulatory instruments.

Forecasting 2011 Using U.S. Precedents: A Simple Analysis of Equity Market Performance

In an effort to provide a set of reasonable expectations for stock market performance during 2011, we present results of two simple econometric exercises. Our starting point is the recent trough of economic activity which took place in June of 2009, according to the NBER. This means 2011 constitutes months 19 through 30 of the current economic recovery. Our first exercise considers how two major stock indices (the SP i.e., from months 19 through 30 following economic troughs as depicted by the National Bureau of Economic Research. We use past performance to motivate a very simple univariate regression analysis, providing us with a point estimate for 2011 performance of the DJIA and the S&P500. Second, we examine the two most recent business cycles - with troughs in March of 1991 and of November, 2001 - to consider their limited information content regarding how various sectors (defined as two-digit SIC codes) performed in the past. We conclude the paper with suggestions for further research.

Grameenphone, the Leading Mobile Phone Operator of Bangladesh: Performance Analysis

The mobile phone market of the Bangladesh is a highly competitive market and Grameenphone (GP) limited, a subsidiary of Telenor Mobile Communication AS, is the market leader in this field. It is the only company which earns profit throughout the last 10 years in this sector of the country. To know the current financial situation of the GP this paper is conducted through two parts. First part is the analysis of the financial performance of the GP which consists of financial trends analysis and financial ratio analysis. And second part of the analysis is the analysis of market performance of the GP compared with the other mobile phone operators of Bangladesh. At last I accumulate my findings on the analysis and draw the conclusion.

An Analysis of Market Performance of Mobile Phone Operators in Bangladesh

The market of mobile phone of Bangladesh is a stiff competition market. There are lots of competitions among the service provider in this sector. And people have the query to know the current situation in the market. To know the current situation of the market I collect some raw data, like – the amount of subscriber of different operators, from the “Bangladesh Telecommunication Regulatory Committee (BTRC)” website and interpreted them to find out the performance of the various operators operating in this sector. Some other information is collected from the official website of the various companies. I use trend analysis and BCG matrix and other tools to find out performance of the companies using the raw data. At last by considering my analysis I draw a conclusion.

An Empirical analysis of firms Emerging from SICA filings

The legal and regulatory framework in India provide for reorganization of sick (defined as accumulated losses exceed net worth) but potentially viable firms. We examine stock returns and operating performance of the 101 firms that emerged as „no longer sick‟ from the proceedings during the period 1992 to 2006. Our short run as well as long run analysis of market performance using various expected return models and estimators show that market is not considering the event of from bankruptcy as a positive surprise. In contrast to the results from US market, our analysis of stock returns around the following four quarters‟ earnings announcements indicates that the market for these stocks is informationally efficient. It is evident from the analysis of operating performance that sample firms are neither making superior operating margin nor utilizing the assets efficiently after emerging from bankruptcy. Hence, our study raises doubts over the efficiency of proceedings and it may be possible that the proceedings may allow inefficient firms to reorganize and survive.

Regeln, Willkür und der gute Ruf: Geldpolitik und Finanzmarkteffizienz in Deutschland, 14. bis 16. Jahrhundert

Abstract This paper examines the questions of whether and how feudal rulers were able to credibly commit to monetary stability, and of which consequences their decisions had for the efficiency of financial markets. The study reveals that princes were usually only able to commit to issuing a stable coinage in gold, but not in silver. As for silver currencies, the hypothesis is that transferring the right of coinage to an autonomous city was the functional equivalent of establishing an independent central bank. An analysis of market performance indicates that financial markets between cities that were autonomous with regard to monetary policies were significantly better integrated and more efficient than markets between cities whose currencies were supplied by a feudal ruler.

Listed Family Firms in Germany (German)

Family firms are an important phenomenon of the German capital market. We analyse the broadest market segment of the German Stock Exchange, the CDAX, for the years 1998 to 2008. According to a founding-family definition almost half of all CDAX-listed non-financial firms in Germany can be classified as family firms. They also represent about one third of all listed non-financial firms' market capitalization. Within these firms the founding family is not only the most important shareholder but also participates actively in most of the boards (management and supervisory board). In about 50% of all family firms the founder also serves as CEO. Family firms are smaller, younger and have higher equity ratios compared to their non-family counterparts. They are represented in all industries with a certain concentration in the services sectors. We confirm and extend previous evidence by Jaskiewicz (2006) and Andres (2008) that family ownership and management has a positive impact on a firm's operating performance. Our analysis of stock market performance provides evidence that family firms are more sensitive to marketmovements compared to non-family firms.

La réglementation de l’industrie québécoise du camionnage : aperçu et considérations analytiques

This paper examines the role and practices of the Quebec Transport Commission (QTC), and attempts to assess the significance of regulatory restrictions in this province and their impact on the performance of the Quebec trucking industry. So the interpretation given by the QTC to the test of "public convenience and necessity" makes the requirement for a licence a major obstacle to entry. The rate approval process in Quebec, on the other hand, appears to be largely a formality; the proportion of requests for rate changes granted in whole or in part by the QTC tends to generally be well over 90 percent. These aspects, along with the significant role of the Quebec Tariff Bureau, suggest that regulation is likely to substantially reduce competition and provide for the realization of monopoly rents. However, a number of factors have eroded the influence both of the QTC and the Quebec Tariff Bureau. The availability of substitute transport services has substantially reduced the effects of the QTC's entry restrictions. In this regard, it is refered specifically to the services of freight brokers and leasing (or pseudo-leasing) firms, and to the potential alternatives in the form of rail and private carriage. In addition, "illegal trucking" has become an important phenomenon in the province as a result of the rather lax enforcement of the Commission's regulations and the low fines for violations. As for the activities of the Quebec Tariff Bureau, it is pointed out that it does not and could not effectively "cartelize" the industry given its inability to enforce rates and production quotas, and the strong incentive of individual members to undermine any such cartel. An examination of various aspects of the performance of the Quebec trucking industry was found to confirm the importance of competitive factors. Although some permits in the province have acquired a market value, these were estimated to be quite low (as a percentage of operating revenue), well below the levels found for the U.S. This suggests that regulation is not giving rise to very substantial excess profits for the industry as a whole. A comparison of before-tax rates of return for firms in Quebec and firms in Alberta supports this finding. More generally, the analysis of market structure and performance leads to the conclusion that trucking regulation in Quebec is largely ineffective. The availability of intra-modal and inter-modal substitutes has considerably reduced the impact of regulation on industry performance and greatly diminished its negative consequences for allocative efficiency.

Regeln, Willkür und der gute Ruf: Geldpolitik und Finanzmarkteffizienz in Deutschland, 14. bis 16. JahrhundertRules, Discretion or Reputation? Monetary Policies and the Efficiency of Financial Markets in Germany, 14th to 16th Centuries

This paper examines the questions of whether and how feudal rulers were able to credibly commit to monetary stability, and of which consequences their decisions had for the efficiency of financial markets. The study reveals that princes were usually only able to commit to issuing a stable coinage in gold, but not in silver. As for silver currencies, the hypothesis is that transferring the right of coinage to an autonomous city was the functional equivalent of establishing an independent central bank. An analysis of market performance indicates that financial markets between cities that were autonomous with regard to monetary policies were significantly better integrated and more efficient than markets between cities whose currencies were supplied by a feudal ruler.

Lessons Learned From Electricity Market Liberalization

This paper discusses the lessons learned from electricity sector liberalization over the last 20 years. The attributes of reform models that have exhibited good performance attributes are identified, drawing on empirical analysis of market structure, behavior and performance in many countries. Wholesale and retail market competition and network regulation performance evidence are discussed. Technical, economic, and political challenges to improving the efficiency of what continue to be partial liberalization programs in many countries are considered.

Private Equity-Backed IPOs and Long-Run Market Performance Analysis of Italian Firms

We examine the long-run market performance of a sample of family and nonfamily Italian firms that went public from 1995 to 2005, in order to analyse the influence of family ownership and private equity participation on such performance. We first investigate the influence of family ownership and private equity participation on the full sample of firms considered. Afterwards, we restrict our attention to the subset of family firms, with the aim of studying the impact of private equity on their market performance. Symmetrically, we focus on the subsample of private equity backed IPOs and examine the effect of family ownership on this category of firms. As a result, our research does not provide any strong evidence of the expected positive synergies resulting from the association between private equity and family ownership.

Evaluation and analysis of IJV marketing performance and its key predictors

The marketing performance of International Joint Ventures (IJVs), particularly those in the South East Asian economies, has not received adequate attention from international business researchers. IJVs have become an important means of market entry for many firms, particularly those seeking entry into Asia. This study identifies the factors influencing the marketing performance of IJVs in Thailand and the relative importance of these factors. The key factors in Thailand were identified as market characteristics, commitment of the partners and the marketing orientation of senior management. Implications for the management of IJVs in the South East Asian countries in general and Thailand in particular are also outlined.

Tradable Permits for Common‐Pool Resources: An Assessment

AbstractScholars often attribute deterioration in common‐pool resources (CPRs) to ill‐defined property rights and suggest privatization and tradable permit markets as a solution to the commons problem. CPRs are heterogeneous, differing in physical characteristics and use patterns. Regulating their use requires tailored policy solutions that cohere with these characteristics. This paper examines factors that contribute to a well‐performing tradable permit market. While the literature offers rich empirical analyses of individual tradable permit markets, it has not provided an analytical framework enabling comparative analysis of these markets. This paper develops and employs an analytical framework for comparing across markets. The comparative analysis of market performance suggests that markets are not successful in all environmental problems and all demand situations. Further, it shows that even some markets frequently cited as exemplary successes have been that for nonmarket‐related reasons. On the other hand, this comparative analysis identifies sources of success for markets that partial analytical frameworks would have predicted to fail.

A Canonical Correlation Analysis of E-Relationship Marketing and Hotel Financial Performance

Hotel companies have used their websites to nurture customer relationships. One question is whether or not relationship marketing (RM) pays. The evidence of this empirical study involving 39 top hotel companies indicated a strong canonical correlation between the level of website development in relationship marketing and financial performance. In the proposed three-level e-relationship marketing ‘financial’ model (Basic, Accountable, and Partnership), a significant canonical variate disclosed that the ‘basic’ level and the ‘partnership’ level were positively correlated to the changes in sales revenue but negatively correlated to net income. This finding may imply that relatively more capital investment is necessary to create basic e-relationships and upgrade online customers to the partnership level than to maintain e-relationships at the ‘accountable’ level.

Competitiveness of Croatian hotel sector

The paper is a research summary of the comparative study, based at the results of the ‘Horwath Hotel Industry Survey’. The study positions the Croatian hotel sector with regard to the hotel industries of competitive countries. The results of the market performance analysis and operative effectiveness show the Croatian hotel sector to be inferior to the respective hotel industries of the analysed countries judging by all the key indicators. Without an activity taking place simultaneously on the national, destination and corporate levels, it will not be possible to achieve any significant market breakthrough or positive shifts in the efficiency of the Croatian hotel industry with regard to its competitors.

Privatisation initial public offerings in Malaysia: Initial premium and long-term performance

This study addresses four major issues related to privatisation initial public offers (PIPOs) and other initial public offers (IPOs) in Malaysia. First, an analysis of initial excess returns suggests that, on average, Malaysian IPOs are underpriced and PIPOs offer significantly higher initial returns than other IPOs. Second, regression based analysis reveals that over-subscription, market volatility, proportion of shares sold, underwriters reputation, and ex ante risk together explain over three-quarters of the variation in the excess returns offered by Malaysian PIPOs. However, this model can only explain 10% and 36% of other IPOs and the whole sample respectively. Third, the analysis of secondary market performance suggests that neither PIPOs nor other IPOs significantly outperform/ underperform the market over three years. Further analysis reveals that the IPOs with higher initial return underperform the market while those with low initial return outperform. Finally, the paper confirms that IPOs underwritten by reputed underwriters are significantly better long-term investments as compared to the IPOs underwritten by less reputed underwriters.

Comparative analysis of market performance in European cities

Examines diversification focusing on international and cross‐border investment. Extends the concept of regional diversification to European planning regions and discusses the potential implications of a “Europe of the regions” on property investment. Uses cross‐sectional analysis to identify the criteria influencing property investment performance across a number of European cities. Model outcomes indicate the importance of local factors in particular market size. Also provides, in this analysis support to the hypothesis concerning linkages between real estate returns, GDP and employment characteristics.

An empirical analysis of market performance in the car industry

This article focuses on the determinants of market performance in the car industry. Trade and market patterns are studied using firm-level international data. Econometric models are developed and evaluated for a sample of firms from the major producing countries for the period 1970–1985. Among the factors responsible for the market shares of the different firms are international differences in unit labor costs, income levels, the European Community (EC) and locally based production scales, and transaction costs in the form of trade barriers.

Wage, Returns to Ownership, and Fee Responses to Physician Supply

The labor and entrepreneurial components of reported physician net income are separated in an analysis of input and output market performance. A wage equation, corrected for selectivity bias, is estimated for employee physicians and the results indicate that the performance of the labor market for primary care physicians is consistent with competitive theory. The parameters are used to predict opportunity wage rates for self-employed physicians. Differences between net income per hour and the predictions indicate that 16 percent of net income from practice is attributable to entrepreneurship. Evidence of negative selectivity into employee status is also found. Copyright 1990 by MIT Press.

Concentration, Profitability and Trade in a Simultaneous Equation Analysis: The Case of Taiwan

This paper is the first attempt to use a simultaneous four-equation system to study the role of foreign trade in the analysis of market structure and performance, and the determinants of trade intensity in a newly industrializing country-Taiwan. A cross-sectional analysis is carried out with the manufacturing censuses of 1976. The results indicate that public enterprises significantly influence market structures and performance. Also, import control measures influence import intensity significantly and offset potential impacts of imports on concentration and on profitability. However, trade intensity is mainly explained by comparative advantage rather than market forces (concentration and profitability).