Number Of Investors Research Articles

Problematic issues of determining the parties of relations of venture investment into innovation activities

Problem setting. Nowadays, given that public relations, as a rule, are ahead of the development of legislation that does not have time to adapt and modernize to new economic relationships, such relations do not receive adequate legal provision. Relations on venture investment into innovation activities are no exception. It is related both to the lack of a mechanism for legal provision, as well as scientific and practical best practice of its basic categories, one of which is the parties of the relevant legal relations. Analysis of recent researches and publications. The current state of the research on the selected issues indicates the imperfection of the current legislation and the lack of legal doctrine in the context of determining the parties of relations of venture investment into innovation activities. The doctrinal works of domestic and foreign experts, although contain analysis and reasoned conclusions about the participants of innovation relations, but do not provide unambiguous answer to the question on their parties. Target of research. The purpose of the research is to outline the parties of relations of venture investment into innovation activities. Article’s main body. The venture capital market is represented by two sectors: formal (venture funds) and informal (individual investors). Studying the essence and specifics of venture entrepreneurship is due to the fact that different countries have their own specifics of its implementation, and, accordingly, different parties of the relevant relations. It is mainly applied to organizational and legal forms of legal entities. At the same time, the implementation of corporate venture investments provides a significant number of new opportunities for a corporations, related to the reduction of costs for the purchase of new technologies, reduction of risks from the development of technologies, etc. The parties of venture investment into innovation activities can be represented by institutional investors, which should be understood as financial institutions that attract a large number of investors to combine them into a single money pool with the subsequent placement at the securities market and (or) investing into real estate. Thus, one can distinguish two groups of institutional investors depending on the subject matter of activity: universal investors (commercial banks, professional participants of securities market) and specialized investors (venture funds, incorporated investment funds, asset management companies, private pension funds). Conclusions and prospects for the development. There is currently no clear definition of organizational and legal forms of venture funds, because they are created as legal entities (corporate funds) or a set of assets (share funds) according to the current legislation. Venture funds should be created and should operate exclusively as legal entities – corporate investment funds. It provides certain guarantees to their individual investors, since the legislator establishes special conditions for the participation of individuals in venture funds. Organizational and legal forms of legal entities in the field of venture entrepreneurship should be a joint stock company or a limited liability company. The entities of venture investment into innovation activities are: 1) entities that bring the object of intellectual property to the status of an innovative product; and 2) entities that implement innovations and / or produce innovative products.

Behavior of Stock Return ; Evidence from Indonesia and Malaysia Shariah Stock Market

This study aims to determine stock return behaviour in Indonesia and Malaysia Shariah stock market. Indonesia and Malaysia are selected based on the countries level of development and geographical factor, since both countries are emerging market with a rapid growth of Shariah stock market not only in term of listed companies but also in term of number of investor. Based on geographical proximity, both countries close to each other and have a strong bilateral relationship which makes their stock market return behaviour influence by many factors. This studies relies on two major time series investigation techniques, namely Economteric Modeling of returns; The Autoregressive model, Assumption of Linearity, Volatility Modeling of GARCH and its extension. The result showed that stock return behavior happening in Indonesia and Malaysia Shariah Stock Market.

In search of maturity models in agritechs

The agribusiness sector has great importance in the economy, and in order to remain competitive, the number of investments in disruptive technologies and concepts, such as Internet of Things, Physical Cyber Systems, Artificial Intelligence, among others, grows. These concepts are often applied by agribusiness startups, known as Agritechs. To help these startups spread their technologies, and mitigate their high mortality level, the use of a maturity model is a good tool, as maturity models help to identify factors that need to be worked on and improved. The creation of a maturity model for Agritechs is innovative, which makes the definition of possible maturity models to be used as a basis challenging. Thus, this article seeks to present the core constructs related to Agritechs in order to identify possible maturity models that can be used as a steppingstone in creating a new maturity model, specific to Agritechs. To reach this goal, the bibliometric analysis software, SciMAT, was used, to define the most relevant themes for the area of Agritechs, so that, based on these themes, it is possible to more properly research maturity models relevant to the definition of dimensions, basis of an Agritechs maturity model. The results showed that maturity models in sustainability, industry 4.0 and startups should be combined and adapted to develop a maturity model specific for Agritechs. The initial dimensions developed for this model were: Change management dimension, Strategic dimension, Technological dimension, and Sustainability dimension.

Implementation of Fibonacci Retracements and Exponential Moving Average (EMA) Trading Strategy in Indonesia Stock Exchange

Based on KSEI statistic data on March 2021, IDX individual stock market investor is increasing 199% compared to 2018 becoming 4,848,954 number of investors. 56.9% population of the individual investor is having ages that less than 30 years. In the period where IDX was bullish in November 2020 - January 2021, there is a phenomenon where stocks influencers appeared in social media and impacted to the stock price movement after the announcement is done by the influencer. In contrary, during bearish and sideways condition, those influencers were gone and changed with bad news that went viral where many individual investors are lost their capital in IDX. They lose money since they are gambling in the stock market without any analysis and no establishment of trading plan. This research is aimed as a strategy to individual investors in IDX to implement trading strategy based on Fibonacci retracements and projections, EMA lines, trendlines, stochastic, and volume. Back testing is conducted in IDX SMC Liquid index constituents during January 2018 until December 2020 period. By implementing this trading strategy, return generated is 164% for 3 years trading time frame. Author also found that this trading strategy is effective in bullish trend condition especially for individual investors that have long position.

Analysis of Portfolio Expected Returns as a Material Consideration for Investors in Choosing Investments in the Pandemic Period (Formation of Optimal Portfolios Using the Black Litterman Model on Hang Seng Stocks for the 2017-2019 Period)

. This study attempts to find out how a method of Black Litterman in the formation of stock portfolios. This research was conducted on the basis of increasing the number of investors' funds in the capital market for certain stocks, showing that it increases positive sentiment on stock investments compared to other investments. The Black Litterman Model method is one of the options that can be used in the formation of portfolio. The Black Litterman model method is a method that formulates the existence of an element of return equilibrium and investor views in an investment. By using the Black Litterman Model, investors can take advantage of all available information as the basis for forming a maximum portfolio. The object of this research is Hang Seng (HSI) stock price data for the period 2017 – 2019. The research sample is 35 companies. The results of this study resulted in 10 stocks included in the Black Litterman model portfolio with the expected return on the portfolio (which consisted of 10 stocks with the Black Litterman model) of 0.062387. Where the highest proportion of returns given by Shenzhou International Group Holdings Limited (SEHK: 2313) is 23% and the expected return is 0.017933. While the lowest level is occupied by New World Development Company Limited (SEHK: 17) with a proportion of 1% and an expected return of 0.000687.

EMPIRICAL STUDY ON THE EFFECT OF ENVIRONMENTAL, SOCIAL AND GOVERNANCE FACTORS ON SOVEREIGN FUNDING COSTS

Currently, a growing number of investors are taking environmental, social, and governance (ESG) factors into account when making investment decisions. Against this background, this paper aims to empirically examine the effect of ESG performance on sovereign funding costs with a focus on the Asia-pacific region. Based on system GMM and OLS estimation, we discover that better ESG performance is associated with lower funding costs. Regarding the effects of each component of ESG, we note that both environmental and governance factors are found significant among the Asia-pacific region, while governance factor is more pronounced among OECD countries.

Investigating investment decisions in equity crowdfunding: The role of projects' intellectual capital

The study aims to investigate the signalling role played by the intellectual capital of entrepreneurial projects towards crowdfunders. The study argues that information on; the intellectual capital of entrepreneurial projects posted on equity crowdfunding platforms can be perceived by external small investors or crowdfunders as signals of the venture's quality and can induce them to invest. By leveraging on the role of signalling theory in the mitigation of information asymmetries, the study argues that the intellectual capital of projects looking for equity crowdfunding is a powerful signal that positively affects the investment decisions of crowdfunders. Three components of entrepreneurial projects' intellectual capital – human, structural, and relational capital – are considered as factors affecting the success of equity crowdfunding campaigns, measured in terms of funding collected and the number of investors. The findings reveal that relational capital positively affects the investment decisions of equity crowdfunders and thus explains the success of equity crowdfunding campaigns. Factors related to human capital and structural capital have a positive impact on investment decisions, but only to a limited extent. This study provides valid implications for entrepreneurs, platform managers, and policy-makers/authorities.

Do Cash Flow and Accounting Profit Information Affect Stock Prices?

ABSTRACT
 This study aims to determine the effect of cash flow statement information and accounting profit on stock prices. The object of this research is a food & beverage sub-sector manufacturing company listed on the Indonesia Stock Exchange in 2015-2019. The sampling technique used a purposive sampling technique with ten samples of financial statements that meet the criteria. The analysis technique uses the help of Partial Lease Square (PLS) with SmartPLS 3.0 Software. The study results show that the Cash Flow Statement of operating and funding information does not affect stock prices. On the other hand, information on the investing Cash Flow Statement and accounting profit affect stock prices. The more investors intend to buy or keep shares; the stock price will increase. Vice versa, if the number of investors who intend to sell or release shares increases, the share price will decrease. Based on these results, it is suggested that investors in deciding on selling or buying stock shares may pay more attention to the information from investing cash flow and accounting profit.

MONETARY POLICY AND HERDING BEHAVIOR DEVELOPED MARKET AND EMERGING MARKET COMPARISON

The research examines impact of monetary policy on herding behavior in the stock market. This study used OLS Regression, SUR, and Panel Regression Method. The results show that monetary policy affects herd behavior in stock market, specially in emerging market which have a specific characteristic such as low liquidity and low number of investor. Using SUR, this study show that common factors which affect the global herd behavior are not influential. Domestic stock market has its own variable that may initiate herd behavior.

A synthetic indicator of market leaders in the crowdlending sector

PurposeThis study contributes to the limited literature on crowdlending by providing a data-driven analysis of the sector. A synthetic DP2 indicator is proposed to identify the leaders of the crowdlending market, the key factors behind their success and the medium-term competitive implications.Design/methodology/approachThe study examines 17 crowdlending platforms and eight performance indicators. The information provided by these indicators is aggregated using a synthetic indicator based on the P2 Distance (DP2) method.FindingsMintos, Evoestate, Peerberry, Bondster and Fellow Finance are the leading platforms. This method reveals the key variables in the identification of market leaders, namely year-on-year variation in the number of investors and year-on-year variation in lending per investor. The leaders in terms of lending volumes should not take their current situation for granted. Small and medium-sized platforms are pushing hard and may overtake the incumbents as market leaders.Practical implicationsFinancial intermediation through crowdlending is becoming an increasingly popular alternative to traditional models. Changes in the sector are expected in the coming years due to the rise of platforms with a moderate amount of lending and solid year-on-year improvement. To become leaders and to attract both lenders and borrowers, platforms are encouraged to improve the information that they provide.Originality/valueThis paper offers the first analysis of market leadership in the crowdlending sector. It analyses the competitive market of the crowdlending sector based on its actors and key factors. These factors explain the differences in the market position of different platforms. Based on this analysis, the trends in this sector can be identified. This study is exploratory, so it offers empirical data that can be useful in the development of theories that apply to the sector.

Forecasting loss given default for peer-to-peer loans via heterogeneous stacking ensemble approach

Peer-to-peer (P2P) lending is an emerging field in FinTech and is an alternative source of personal loans. However, P2P lending faces severe credit risk due to high information asymmetry and insufficient collateral. We develop a novel heterogeneous stacking ensemble (HSE) approach by using two real-world datasets to improve the loss given default (LGD) forecasting in the P2P lending domain. Some special data in P2P lending and macroeconomic variables are employed as supplementary data sources to further enhance the model performance. Our proposal is compared with several popular models, including parametric and non-parametric ones, in terms of predictive accuracy and capital requirement. Our finding reveals that special data in P2P lending (e.g., number of investors and loan description) and macroeconomic variables are powerful predictors of LGD in P2P lending. The proposed HSE model outperforms the benchmark models in most cases and significantly achieves optimal average ranks across all the evaluation metrics. The results remain robust under several validations.

Funding of Transport Infrastructure in Serbia: China in Focus

In the Western Balkans, Serbia is considered one of China’s key partners, represented both in the political sphere and financially in the number of investments from Chinese corporations and banks. This paper examines the rate of Chinese expansion in Serbia by examining the investments in Serbian transportation infrastructure. It also analyses the relationship between the two countries and examines the response of other powers towards the Chinese expansion in Serbia. The annual report of the Ministry of Construction, Transport and Infrastructure (MGSI), Serbia summarises the recently implemented, ongoing and planned investments. According to this document, from 2004 to 2020 Serbia has and is planning to invest nearly EUR 6 billion into development projects with a 3:1 ratio in favour of investments to railway projects (MGSI 2018, ‘Overview of Finalised, Ongoing and Planned Transportation and Construction Infrastructural Projects,. 3). Although European institutions play a crucial role in financing the projects, Chinese financial institutions are becoming increasingly influential. Based on the assessment of the data in the Ministry report and considering the projects with an identified financing provider, one-fifth of the total value is provided by the Chinese banks. While the Chinese side argues that they strive to ensure a ‘win-win’ position for all stakeholders, the European Union (notably, the Western Member States) and the United States have reservations about Chinese expansion in the region.

Акционерное общество как сосредоточие тенденций формирования частного богатства

Joint-stock company is the most developed form of private capital association historically and logically growing out of the previous organizational forms of the existence of market organizations. A joint stock company is the result of the development of two interrelated processes. From the standpoint of economic content, a joint-stock company is the result of the development of the relations of production themselves from its natural forms to the commodity form and then to the form of the capitalist economy. From the point of view of the forms in which this content develops, in the form of a joint-stock company, the process of improving organizational forms that allow uniting private capital to achieve a single goal – making a profit – finds its "logical conclusion". Unlike the legal forms of a general partnership and a limited liability company, the form of a joint-stock company allows to combine a potentially unlimited number of investors and their capital on terms that most contribute to the maximization and preservation of private wealth, potentially for all members of modern society.

Pengaruh Profitabilitas, Dividend Payout Ratio dan Inflasi Terhadap Harga Saham

The presence of the capital market in Indonesia is marked by the number of investors who purchase shares of entities that are registered in the capital market. The purpose of this research is to examine and analyze the effect of profitability, dividend payout ratio and inflation on share prices in consumer goods entities listed on the Indonesia Stock Exchange in 2014-2018. This type of research is quantitative. The population of this study is 41 consumer goods companies listed on the Indonesia Stock Exchange for the period 2014- 2018, the sample of this study is 17 companies x 5 years = 85 samples. The data analysis method of this research is to use multiple linear regression with SPSS. The results of this study are Profitability has a significant and significant effect on stock prices, while Dividend Payout Ratio and inflation have no effect on Stock Prices, and simultaneously Profitability, Dividend Payout Ratio and inflation have a significant and significant effect on Share Prices in Consumer Goods Entities listed on the Indonesia Stock Exchange. 2014-2018.

A model for the optimal selection of lenders

A private placement is the sale of securities as a way of raising capital. Most private placements are offered to a small number of select investors, at a fixed rate that can be set by the issuer. The solicitation of investors can be simultaneous or sequential, and the chosen style may influence the associated cost. Sequential solicitation is generally more expensive over time since it is carried out gradually, although simultaneous solicitation can be more expensive if it involves a greater number of investors. In this paper, a theoretical model is developed that allows the two styles of solicitation to be compared. It is demonstrated that sequential solicitation generally involves a lower cost than simultaneous solicitation, although it does require a greater number of investors. Conditions are determined under which these two styles of solicitation are equivalent in cost and in the number of investors required. Specifically, it is obtained that, if the group of investors is homogeneous, then both styles of solicitation will have the same monetary cost and will require the same number of investors.

PENGARUH RASIO KEUANGAN TERHADAP HARGA SAHAM PERBANKAN SYARIAH TERDAFTAR BURSA EFEK INDONESIA

One of indicator of the nation economic performance is indicated by the amount of investment by business actors involved either directly or indirectly in the participation of shares or a number of investments that occur within one country. Banking financial performance is a description of the achievement of financial management targets, either from the collection of third party funds or channeled back in the form of investment products or other financing. Currently, Islamic finance is growing rapidly with many Islamic financial institutions offering financial products and services based on Islamic law. This Developmental conditions have an influence on the picture of Islamic stock investment in the capital market, althought sharia stock investment is not as big as existing conventional stocks. The purpose of this study is to determine the effect of financial ratios in Indonesian Islamic banks on the movement of the value of their share prices. The method in this research is causal associative through secondary data sources in the form of Islamic bank financial reports in the past few years. The results showed that in partial analysis there was no effect of share prices on the level of Islamic bank financial ratios, while simultaneously, there was an effect of Islamic bank financial ratios on Islamic bank share prices in the capital market

Hybridization of Machine Learning Techniques to Optimize Portfolio of Stock Market Review of Literature from the Period 2005 to 2018

In finance there has always been the problem of how to combine investments to form a portfolio. Progress on this problem we focus on some of the important applications such as Forecasting, Trading, Portfolio Selection and Management of Stock Market is considered as one of the fundamental building block of developed country. If number of investor’s increases then the economy of the country also increases and every investor invests to get good returns. But as stock market is uncertain and complicated the selection of good scripts are considered as one of the challenge in stock market field. So much work has been donein this field, The purpose of the present study is to review research articles from the period 2005 to 2018 and to find research gap for future work.

Startup Fundraising and Equity Split: Do the Number of Investors and Contract Form Matter?

We study equity division between an entrepreneur and one or more potential investors. The investor(s) and the entrepreneur negotiate how much equity (ownership) in the startup the investor(s) should receive in exchange for their investment. The value of that equity is uncertain at the time of the negotiations. We examine how the allocation of startup equity between the entrepreneur and the investors is affected by the following: (1) the number of investors, (2) whether the investors are approached sequentially or simultaneously and (3) whether investors receive downside protection via ``Preferred Stock'', as is sometimes done in practice. Our theoretical results suggest that the entrepreneur would be better off with two investors relative to the single investor case, particularly when bargaining with two investors simultaneously. This prediction is not supported by experimental data which instead suggest that neither the number of investors, nor the timing of the negotiations affect the entrepreneur's profits. In contrast, contractual details matter: across all bargaining regimes, Preferred Stock contracts lead to a 22 to 36\% drop in entrepreneur's profits relative to Common Stock. Additional experiments show that this result persists even as teams gain more practice with contract types, and suggest that it is driven by more aggressive investor bargaining tactics under Preferred Stock contracts.

Signaling Quality in Initial Coin Offerings with Funds Regulation

In this paper, we study how funds regulation influences a venture’s token issuing strategy, cash diversion behavior and signaling effectiveness, when he has private knowledge on product quality (i.e., high or low). We first analyze this problem under complete information, which extends Gan et al. (2021) to the case when funds are regulated. We find that a higher funds regulation level incentives the venture’s cash diversion behavior and induces a higher profit. Then, under information asymmetry, we characterize the high-quality venture's token issuing strategies under strict funds regulation and no funds regulation, respectively. We find that the relative sizes of informed and uniformed investors are important in token sizes' signaling effectiveness, which in turn influences the venture's token issuing strategies. Moreover, our theoretical results are (partially) consistent with some empirical observations in quality signaling and open new avenues for future empirical study. At last, we show that funds regulation may improve signaling effectiveness but it does not always benefit the high-quality venture under information asymmetry. Specifically, we show that a strict funds regulation may hurt the high-quality venture in a small ICO market; and even when the ICO market is large, the high-quality venture may prefer a moderate funds regulation level. Our results are robust when the number of investors in the ICO market is random.

Investigation of Financial Statements Under the Framework of Harvard Analysis

In the last decade, great changes have taken place in financial transactions. The number of investors has increased significantly. In view of the instability of the financial market, the trading volume does not grow steadily. Many investors do not understand the development of the enterprise, but only conduct a superficial analysis of the enterprise’s public financial data. Such behavior may result in investors not receiving the expected returns. Therefore, this paper helps investors invest rationally by examining the Harvard Analytical Framework to take a holistic view of corporate financial statement data.