Market Value Research Articles

Multimodal fish maw type recognition based on Wasserstein generative adversarial network combined with gradient penalty and spectral fusion

There are many types of fish maw with significantly varying prices. The specific type directly affects its market value and medicinal efficacy. This paper proposes a fish maw type recognition method based on Wasserstein generative adversarial network combined with gradient penalty (WGAN-GP) and spectral fusion. By collecting Raman and near-infrared (NIR) spectral data of four types of fish maw (Beihai Male Fish Maw, Beihai Female Fish Maw, Yellow Croaker Fish Maw, and Red Mouth Croaker Fish Maw), we used WGAN-GP for data augmentation. The performance of three spectral fusion strategies (data layer, feature layer, and decision layer) was explored based on two one-dimensional convolutional neural network (1D-CNN) models. The results indicate that, after applying data augmentation and expanding the training set to 3,600 samples, the performances of the 1D-VGG (NIR), 1D-VGG (Raman), 1D-ResNet (NIR), and 1D-ResNet (Raman) models all reach optimal levels. The accuracies on the test set are improved by 15.48%, 13.10%, 1.19%, and 5.95%, respectively. Under different fusion strategies, the 1D-VGG (Raman)-1D-VGG (NIR) model at the feature layer and 1D-ResNet (Raman)(1.0)-1D-ResNet (NIR)(1.0) model at the decision layer achieved the same classification results. They exceeded other models in accuracy (98.21%), precision (98.27%), recall (98.21%), and F1-score (98.21%) on the test set. In summary, this study demonstrated the great potential of data enhancement and multimodal spectral data fusion in fish maw type identification, providing analytical tools for the development of fish maw detection equipment based on multimodal techniques.

Isolation and Identification of Pathogenic Microorganisms Causing Post‐Harvest Disease of Garlic (Allium sativum L.) in Ninh Thuan Province, Vietnam

ABSTRACTGarlic plays a crucial role in Vietnam's agricultural economy. However, the presence of post‐harvest diseases presents considerable obstacles as it reduces the quality and market value of the crop. The objective of this study was to identify the microbial strains responsible for these diseases through isolation and identification. A comprehensive analysis was conducted to identify six pathogenic species that have a significant impact on the quality of post‐harvest garlic in Phan Rang, Ninh Thuan province, Vietnam. This analysis involved morphological observations, microscopic assessments, pathogenicity testing and molecular sequencing. Fusarium solani, F. oxysporum and Lasiodiplodia theobromae were identified as the main causes of dry rot, while Macrophomina phaseolina was associated with charcoal rot. Moreover, Aspergillus niger has been associated with black mould, while Pantoea sp. has been identified as the causative agent of soft rot. Re‐infection tests following Koch's postulates conducted on garlic bulbs provided confirmation of the isolates' pathogenicity. These findings have significant implications for enhancing our understanding of garlic diseases after harvest, which can contribute to the development of effective control measures in the future.

Does managerial market timing with stock repurchases exist in stock market?: Evidence from Thailand

This study examines the presence of managerial market timing with stock repurchases in the Stock Exchange of Thailand (SET) from 2008 to 2017. We find that managerial market timing with stock repurchases does not exist in an emerging market (namely, Thailand) supporting the theory of pseudo market timing, as the probability of stock repurchases is not related to undervalued stocks. However, there are other motivations for conducting stock repurchases rather than managerial market timing including the distribution of excessive cash flow due to high operating income and no good future investment opportunity, and the change of capital structure because of underleverage. Our findings are supportive to the free cash flow, capital market allocation, and trade-off theories. In addition, we also find that timing firms tend to suffer from the deterioration of Tobin q ratio, market value added (MVA) and economic value added (EVA), and they do not rebalance their capital structure after this event.

Assessment of the Bangladeshi Antibiotic Market: Implications of the WHO AWaRe Classification and Dosage Form Availability on Antimicrobial Resistance

BackgroundAvailability of antibiotics without prescription contributes to the rising threat of antibiotic resistance due to widespread self-medication and improper use. In this study, we aimed to assess the antibiotic market in Bangladesh according to the WHO AWaRe (Access, Watch, Reserve) classification system to better understand how the unregulated access of antibiotics may influence self-medication practices and the emergence of antibiotic resistance in the country. MethodsData on AWaRe class antibiotics, their strengths, and dosage forms were collected from Bangladeshi drug indexing smartphone applications, the Bangladesh National Formulary (BDNF), and the Directorate General of Drug Administration (DGDA) website. Sales data were analyzed using IQVIA data to determine the market value and compound annual growth rates (CAGR) of antibiotics. The analysis focused on categorizing antibiotics according to the WHO AWaRe classification and examining their availability in various dosage forms and strengths including child-appropriate formulations. ResultsOf the 81 antibiotics available in Bangladesh, 54.32% belong to the Watch class, 30.86% to Access, 8.64% to Reserve, and 6.17% were unclassified. In terms of ATC classifcation, the majority (91.35%) belonged to the J01 class. Most antibiotics were available in multiple dosage forms and strengths, with tablets (54.87%), injections (48.78%), and capsules (30.48%) being the most common. Additionally, 35.8% of antibiotics were available as child-appropriate formulations. Oral formulations were prevalent, with 88.0% of Access, 75.0% of Watch, and 28.57% of Reserve class antibiotics were available in oral dosage forms. A total of 56 antibiotic combinations were identified, including six WHO-recommended and two WHO-not-recommneded fixed-dose combinations. Watch class antibiotics dominated the market in terms of sales value and CAGR. ConclusionThe widespread availability of Watch class antibiotics, particularly in oral and child-appropriate formulations suggest a need for stricter regulation and public health interventions to curb self-medication, inappropriate marketing and use of antibiotics to mitigate the risks of resistance.

Stock-Term Market Impact of Major Cyber-Attacks: Evidence for the Ten Most Exposed Insurance Firms to Cyber Risk

The main focus of this paper is to study empirically the impact of major cyberattacks in the market value of the ten most exposed insurers to cyber risk. Using an event study for 53 global cyberattacks, we observe a negative and statistically significant stock price reaction for insurers around the cyberattack disclosure dates. The increase in the assessed probability of an increase in future payments tends to prevail over the increase in demand and/or premiums caused by the disclosure of global major cyberattacks. The results of our analysis also show a higher negative stock market reaction for small insurers and when involves financial information loss.

The economic and environmental impact of fire preventive strategies in the Mediterranean region

Fire behaviour in the Mediterranean region has been altered by climate change. In the last decade, not only has the occurrence of fires increased but also their virulence. This is primarily due to higher temperatures and the decrease in the rainfall, which have made forest ecosystems less able to withstand fires. It has also been observed that most wildfires are related directly or indirectly with human actions, and they usually occur in wildland-urban interface (WUI) areas. The current research focuses on the economic quantification of the benefits that fire preventive strategies could generate, demonstrating that it is worth it to invest in this kind of measures for both the environment and the society. This study shows the results of a pioneering project, called GUARDIAN, which is applied in a WUI area located at the east of Spain, with the aim of preventing and combating wildfires that could put at risk the life of 15,000 inhabitants while preserving the Natural Park of Túria and La Vallesa (Valencia-Spain). GUARDIAN is a multifaceted project that integrates recycled water, advanced technology, and ecological enhancements to create a more fire-resilient environment while educating and preparing the local community for fire-related challenges. The results of the current research intend to give a value to those benefits of the project that usually have not a market value and are difficult to measure, and due to that fact, they are not usually considered in the cost-benefit analysis. The methodology applied allows to compare in economic terms the environmental benefits of fire preventive measures implemented in the GUARDIAN project with the costs incurred by the measures developed. The environmental area protected by the project results in a value that ranges between €338,035,481 to €485,384,281. Accordingly, the methodology and results of this study are of great interest to public administrations, encouraging the implementation of fire preventive strategies.

ASSERING THE IMPACT OF MACROECONOMIC INDICATORS ON CORPORATE FINANCIAL PERFORMANCE: AN EMPIRICAL ANALYSIS IN ASIA

This study investigates the impact of macroeconomic indicators, specifically GDP growth and inflation, on corporate financial performance in selected ASEAN countries (Indonesia, Malaysia, the Philippines, Singapore, and Vietnam) from 2010 to 2022. Using data sourced from the OSIRIS database and the World Bank's World Development Indicators, the analysis focuses on three key financial metrics: Return on Assets (ROA), Net Profit Margin (NPM), and Market Capitalization (MC). Employing the Generalized Least Squares (GLS) method, the study addresses heteroskedasticity and autocorrelation in panel data, incorporating control variables such as Total Assets, Current Ratio, and Interest Coverage. Results indicate that GDP growth positively correlates with ROA and NPM, underscoring the importance of economic expansion for corporate efficiency and profitability. However, GDP growth does not significantly impact Market Capitalization, highlighting potential differences in market valuation dynamics. Inflation positively affects ROA and NPM, suggesting firms effectively manage inflationary pressures but does not significantly affect Market Capitalization. The findings provide actionable insights for financial managers, investors, and policymakers. Companies should integrate macroeconomic forecasts into business planning and adopt strategies to mitigate inflationary impacts. Future research directions include sector-specific analyses, longitudinal studies, and the incorporation of additional macroeconomic variables to deepen the understanding of these relationships.

Exploring Factors that Affect the Performance of Financial Intermediaries in the Insurance Sector

This article evaluates the prominent factors affecting financial intermediaries’ performance in the insurance industry. It is widely accepted that the performance of financial intermediaries in the insurance industry contributes to both industrial expansion and an increase in the market value of financial service providers. Surprisingly, there is not much research on financial intermediaries’ ability to identify obstacles that hinder their effectiveness. This study thus sought to provide strategies for financial services providers, insurance conglomerates, and senior management to gain a broad understanding and thorough review of the important influential factors that should be considered to enhance the performance of financial intermediaries in the insurance sector. To investigate the factors that enhance the performance of financial intermediaries, a close-ended questionnaire was developed in which 300 responses were collected at a market conduct authority. A quantitative approach was judiciously selected to analyse the data and identify the relationship between several factors. Using logistic regression models, key socioeconomic characteristics impacting the performance of financial intermediaries were identified including organisation, gender, education, level of education, and experience. By examining the interplay of regulatory frameworks, market conditions, and managerial practices, the study identified key drivers and barriers to success in this industry. It is recommended that future researchers adopt the strategies to further explore the complexities surrounding hedge funds and collective investment schemes. The findings of the study may aid in the development of future innovative product designs for financial intermediaries in the insurance sector. Keywords: Financial Intermediaries, Financial Intermediation, Financial Sector, Financial Services Providers

Decoding Stock Price Movements: How Net Profit Margin and Debt-to-Equity Ratio Drive Value, with Earnings per Share as the Game-Changer

This research investigates the relationships between Net Profit Margin (NPM), Debt-to-Equity Ratio (DER), Earnings per Share (EPS), and stock prices within the context of the Indonesian stock market. Utilizing a quantitative analysis approach, the study employs panel data regression to assess the statistical significance of these financial metrics on stock valuations. The findings reveal that NPM has a meaningful and statistically significant positive impact on stock prices, indicating that higher profit margins are associated with increased investor confidence and market valuation. Conversely, the results show that DER does not significantly influence stock prices, suggesting that investors may perceive high debt levels as a risk that diminishes stock value. Furthermore, the study finds that EPS does not moderate the relationship between NPM and stock prices, nor does it strengthen the effect of DER on stock valuations. These conclusions contribute to understanding financial determinants in stock price movements, emphasizing the importance of profit margins while highlighting the limited role of leverage and earnings per share in this context. The research provides recommendations for investors and corporate managers and suggests avenues for future studies, including broader geographic comparisons and integrating qualitative factors into stock valuation analysis.

Limits of bank regulation in financialised capitalism: lessons from the 2023 US banking crisis

ABSTRACT In this article I argue that banks continuously build new business models in financialised capitalism. Market value of these business models is regularly calculated and reported to the investors by investment banking expertise. What the US banking regulators, in their ex-post analysis, declared as unsustainable business models in the three failed banks – Silicon Valley Bank, Signature Bank, and First Republic Bank – in the Spring of 2023, had been promoted by equity analyst expertise as value-maximising ‘niche’ bank business models serving the disruptive technology start-ups after the Covid pandemic. The article argues that bank regulators’ power is severely constrained in financialised capitalism where stock market valuations of banks and equity-based remuneration of the executives are out of regulatory reach. Therefore financial stability mandate of central banks is undermined with significant risk to the society when business models of banks are legitimised by a financialised valuation regime that prioritises shareholder value creation.

Theoretical and Methodological Foundations of Uncertainty Modeling in Real Estate Markets

Motivation: The need to improve the accuracy and reliability of market valuation and risk assessment in real estate markets, especially under conditions of uncertainty.Aim: To integrate theoretical foundations and methodological approaches for modeling aleatoric and epistemic uncertainties in real estate markets using credal networks and confidence boxes (c-boxes).Approach: This paper presents a comprehensive theoretical and methodological framework for uncertainty modeling in real estate markets, focusing on the application of credal networks and confidence boxes. It does not include empirical validation or practical case studies, instead providing a detailed conceptual and methodological discussion.Results: The proposed method demonstrates significant improvements in uncertainty quantification and market analysis accuracy in theoretical terms, offering valuable insights for investors, urban planners, and policymakers. However, empirical validation is suggested for future research to confirm practical applicability.

Justification of the safe parameters of recreational zones during the reclamation of watered residual quarry spaces

Purpose. To determine the safe parameters of the recreational zones created in the residual space of the quarry taking into account the physical and mechanical properties of waste rocks in a watered state. Methodology. The Bishop Simplified Method is used to determine the influence of the irrigation level of the residual quarry space on the stability of the embankment from different types of mining rocks when creating a recreational area during reclamation works. Findings. The safe parameters of recreational areas during their construction in the watered residual space of the quarry were established taking into account the physical and mechanical properties of embankments made of sand, loam, and crushed rock by determining the stability of their slopes. The obtained results are necessary for the implementation of project works on the development of technological schemes for the reclamation of the residual spaces of construction materials quarry for the recreational direction of post-mining. Originality. The influence of the height of the rock embankment formation on the stable angle of inclination of the watered slope was established, which allowed determining that with an increase in the aggregates embankment height from 20 to 80 m, the safe angle of the slope will decrease from 46 to 26°. It was determined that the lowest FOS indicator is 0.57 when using sand rocks for an embankment height of 80 m at a water content of 40 %. It was established that with partial flooding of the rock embankment by 45–50 % for sandy, loamy and rocky rocks, there is a significant decrease in the coefficient of the reserve of stability by 1.4–1.5 times, in contrast to the absence of water or complete flooding, which confirms the negative impact of partial flooding of embankments and reducing the stability of their slopes. Practical value. It was determined that when forming an embankment 20 m high from loamy rocks, the volume of reclamation works will be 1.34 times less compared to sandy rocks, but 1.02 times larger than rocky rocks. When the height of the embankment increases to 80 m, the volume of reclamation works when replacing loam with sand will increase to 1.87 and 1.12 times when using crushed stone. However, taking into account the market value of materials, when using loam, the cost of construction will decrease by 2.5 times compared to sandy rocks and 3.2 times – to crushed stone, with an embankment height of 20 m. When the embankment height increases to 80 m, the cost of materials will increase by 3.5 and 3.8 times when loamy rocks are replaced by sand or crushed stone, respectively.

Higher education and the new role of the teacher: the relevance of soft skills to enhance the professional identity

Introduction: The labor market is defined today by permanent changes that are transforming the curricula in Higher Education Institutions (HEIs). HEI professors are becoming teacher-mentors who focus on improving students' perception of professional identity. Four European universities created the “Teach-BEASTs – Teaching to BE Aware STudents (Teach-BEASTs)”, an Erasmus+ program focused on this redefinition of the role of the teacher. The objectives are to demonstrate the practical value of transferred knowledge and skills in STEM subjects. Methodology: is based on a solid literature review of the article's theoretical framework and key concepts. On the other hand, it focuses on the analysis of the role of academic teachers, professors, officials in charge of academic career directions and the educational process, as well as deans and directors. Results and discussion: focus on Career Awareness Pills, which are modules that encourage students to reflect on the material covered from the perspective of their interests, passions, aptitudes, and the market value of the skills and information obtained that will be examined and constitute the core of the methodology. Conclusions: the first conclusions corroborate the objectives, specifically highlighting the value of activities to develop social skills or interpersonal skills.

Application of Multiple Linear Regression Models in Predicting the Value of Football Players

In this study, the key factors affecting football player value were analyzed using a multiple linear regression model. The analysis considered variables such as nationality, location, historical achievements, experience, skill level, and market value. The results indicate that a player’s competitive level significantly enhances their value, while there is a negative correlation between market value and player value. The relationship between experience and value is complex and requires further exploration. Additionally, the study examined the distribution of players from various countries in the English Premier League, with French, Spanish, and Brazilian players ranking highest in appearances. French and Spanish players are versatile across positions, while Brazilian players excel primarily as forwards. Visual analyses demonstrated the proportions and performances of players in different positions, confirming the positive correlation between competitive level and net worth and the negative correlation with market value. The intricate relationship between experience and net worth was also highlighted. These findings offer valuable insights into the determinants of football player value and provide data to support team management and future research.

How Does Supply Network Structure Influence Firms’ Financial Performance During Disruption?

In a post pandemic world, supply chain mapping has become a key concern for almost any supply chain operation. A single focal supply chain network might have hundreds of suppliers including those that supply both goods and services. These increase exponentially as one traces the network downstream. Using a pair of networks from the auto industry (Ford and General Motors) as a basis for the analysis, we apply a data mining technique to filter for significant supply chain relationships in each of these networks over the period spanning 2018–2022. We then examine the structural metrics for each of these networks and compare these measures with applicable financial measures to elucidate how supply chain network structure affects financial performance. Our regression analyses reveal that supplier network structures significantly affect customers’ market value. Specifically, Tobin’s Q is negatively related to the number of suppliers they source from and the importance of the customer (e.g., Ford) to its suppliers, but it is positively associated with the tightness of supplier customer connection and the density of the network.

Endogenous Preference for Nonmarket Goods in Carbon Abatement Decisions

Long-term decisions, such as decisions about carbon abatement, are usually based on the implausible assumption of constant social preference. This paper focuses on a specific case of market and nonmarket goods, and it investigates the optimal climate policy when social preference for them is also changed by climate policy in a seminal climate-economy model: the Dynamic Integrated Model of Climate and the Economy (DICE) model with a single objective to maximize market goods consumption. We amend DICE to study an optimization problem that trades off the values of market and nonmarket goods, considering endogenous preferences. The relative price of non-market goods grows over time because of increases in both relative scarcity and the appreciation that represents the preference of it. As nonmarket goods are increasingly valuable relative to market ones, climate damages on nonmarket goods are increasingly expensive. The social cost of carbon, which aggregated climate impact on both goods, is consequently higher. Because abatement decision affects the valuation of nonmarket goods in the utility function, unlike previous climate-economy models, we solve the model iteratively by taking the obtained abatement rates from the last run as inputs in the current run. The results in baseline calibration advocate a more stringent climate policy, where endogenous social preference to climate policy raises the social cost of carbon further by roughly 12%–18% this century. Moreover, neglecting changing social preference leads to an underestimate of nonmarket goods damages by 15%. Climate policy is self-reinforced if it favors the more expensive consumption good. The proposed method can be applied to other long-term problems with endogenous preferences. Funding: H. Liao appreciates the funding from the National Natural Science Foundation of China [Grants 71925008, 72293603, and 72488101].

The Effect of Financial Leverage, Profitability and Dividend Policy on Firm Value

This research provides valuable insights into the factors influencing company value within the manufacturing sector, specifically the cement subsector in Indonesia. Financial leverage, profitability, and dividend policy are key variables examined, as they significantly impact a company's financial health and market perception. Financial leverage reflects a company’s reliance on debt financing relative to equity, and the study shows that higher leverage can positively affect company value if managed effectively, thereby increasing returns for shareholders. Profitability, often measured through indicators such as Return on Assets (ROA) or Return on Equity (ROE), also plays a significant role in enhancing company value, as it reflects efficient resource management and attracts investor interest. Additionally, a consistent dividend policy reinforces the company’s reputation and draws investors, contributing positively to company value in the stock market. The findings emphasize that cement subsector companies with balanced leverage, solid profitability, and a consistent dividend policy tend to perform better in terms of company value, providing essential insights for stakeholders in optimizing strategies to maximize company value.

Tracking Smart Beta indices during different market phases: A “smarter” option for passive investors?

PurposeThis study aims to examine whether tracking Smart Beta (SB) indices during bullish, bearish and stagnant market phases is a better choice for passive investors compared to Cap-Weighted (CW) indices. As investors’ strategies differ with market movements, this study analyses how single-factor and multi-factor SB indices perform during different market phases, in relation to CW indices. It also attempts to determine which SB factors are more suitable for investors in these phases.Design/methodology/approachUsing various return and risk indicators, this study analyses how SB indices perform vis-à-vis CW indices during bullish, bearish and stagnant phases. The authors also evaluate the upside and downside participation advantage of SB indices and assess their ability to capture upside returns and limit downside risk. The authors attempt to determine the cyclical or defensive nature of SB indices using Average Participation values.FindingsThis study found that SB indices outperform CW indices during the bearish and stagnant phases. Multi-factor SB indices have lower risk levels in all market phases, providing downside protection to risk-averse investors. Dividend, Low Volatility, Quality and multi-factor SB indices are defensive portfolios offering better payoffs during the down market phases, while Alpha, Beta, Equal Weight and Value SB indices provide higher payoffs during the up-market phases.Originality/valueTo the best of the authors’ knowledge, this is the first study that examines the performance of single-factor and multi-factor Indian SB indices in different market phases. It determines the suitability of various factors to passive investors during these phases and also identifies whether SB indices are cyclical or defensive.

Exploring value relevance of EVA over different stages of business lifecycle

Purpose This study aims to determine whether the financial ecosystem is reliable for evaluating a company’s financial performance at various lifecycle stages or whether value-based performance metrics like Economic Value Added (EVA) are the most comprehensive indicators regardless of the company’s lifecycle stage. The evaluation will analyse the importance of value-based and accounting performance benchmarks (EVA, Return on Capital Employed, Return on Equity and Earnings per Share) in creating shareholder value, as measured by market value added, throughout the company’s lifecycle. Design/methodology/approach This study is based on a robust empirical analysis of 228 Indian firms listed on the National Stock Exchange Nifty 500 Index from 2006 to 2023. By considering firms of different sizes and ages, the authors aim to capture and analyse any distinct impact across various stages of their lifecycles. Using quantile regression for analysis equips the authors to effectively address extreme events such as the 2008 global financial crisis and the COVID-19 pandemic, making the method particularly suitable for conditionally distributed samples based on size and age. Findings The research reveals that various performance indicators are crucial at different stages of a company’s lifecycle for generating wealth for shareholders. However, considering the significance of the EVA measure, it is recommended that policymakers standardize the calculation of EVA and mandate its disclosure. Originality/value The authors comprehensively analysed the economic value addition relative to a company’s size and age, going beyond previous studies that focused solely on specific size categories. This offers managers valuable insights into aligning business performance measures with the various stages of the business lifecycle.

Unveiling the drivers of green loan disclosures: a study of financial and governance determinants

PurposeThis study aims to investigate the factors influencing Indian banks’ choice of green loan disclosure practices. The study analyzes the effect of financial and governance variables to understand the sustainable reporting (through green lending) behavior of Indian banks.Design/methodology/approachThe data on green loan disclosure has been hand-collected from the annual reports using a content analysis approach. Using the data of 26 banks for 12 years (2012–2023), the study uses the panel regression method to control for cross-sectional heterogeneity and generalized methods of the moment to address potential endogeneity issues.FindingsThe empirical results depict that larger banks with sufficient risk capital and a strong corporate governance framework demonstrate greater disclosure of green loans. However, growth opportunities and higher market value impedes the reporting of green lending.Research limitations/implicationsThe findings of the study will enhance the extant literature on sustainability disclosure by integrating the financial sector companies in the context of an emerging economy. However, future research may include nonbanking finance companies as well.Social implicationsBanks use societal deposits to invest in productive avenues, and therefore, it is paramount to understand their social and environmental consciousness while evaluating a financing proposal. This research provides a thorough understanding of the sustainable reporting of banks through the lens of green lending.Originality/valueThis research provides unique evidence on the bank-specific determinants of green loan disclosure in an emerging economy context as against the extant literature which primarily focused on sustainable reporting of nonfinancial companies.