Price Performance Research Articles

From disclosure to sustainable performance: how corporate social responsibility disclosure impacts the long-term share price performance of Malaysian IPO

PurposeThis paper examines the relationship between the extent and quality of the four dimensions of corporate social responsibility disclosure (CSRD) namely community, environment, workplace and marketplace with the long-run share price performance of Malaysian initial public offering (IPO) companies.Design/methodology/approachThis study utilised secondary data by the content analysis of the annual reports and Datastream of 115 IPOs listed from 2007 to 2015 in Malaysia. The IPO’s performance was determined by calculating the return measures under the equally weighted and value-weighted schemes of the mean abnormal returns and buy-and-hold abnormal returns covering the three years post-listing using the event-time approach.FindingsThe findings demonstrate that Malaysian IPOs experience substantial overperformance and underperformance when both the IPO performance measures are benchmarked against the matched companies and market. The results indicated that the extent and quality of the community and environment CSRD dimensions are positively and significantly correlated to the IPO’s performance. On the other hand, the extent and quality of the workplace and marketplace CSRD dimensions are negatively and significantly correlated to the IPO performance.Practical implicationsMalaysian regulators could benefit from these findings in their endeavour to carry out a reform process on CSRD to improve its quality. The results of this study are important to investors, regulators, non-government organisations, communities and policymakers. They also enhance the understanding of companies about the importance of disclosing greater CSR information to improve their performance and profitability.Originality/valueTo the researchers' best knowledge, this study provides new insights into the association between CSRD and the performance of Malaysian IPO companies, which is considered important.

The Stock Price Changes and Performance of JD after Second Listing in Hong Kong

In recent years, the trend of Chinese concept stocks returning to Hong Kong stocks market has been continuously strengthening due to multiple factors. This article analyzes the changes of JD's stock price after its second listing, as well as its financial performance after its second listing. According to the analysis, the changes in costs and benefits of JD after its second listing can to some extent explain the changes in its stock price after its second listing. In addition, this study investigates the macro market environment of JD after its second listing, and finds that bearish factors such as the power game between the Chinese and American governments and the Chinese government's antitrust policies for Internet industry also affect JD's stock price. Overall, this study to some extent supplements the current research gap and provides suggestions for other Chinese concept stocks planning to return to the Hong Kong stock market in the future.

An attention-PCA based forecast combination approach to crude oil price

Crude oil price forecasting has garnered considerable attention due to its pivotal role in both market dynamics and economic stability. In this study, we present an attention-based principal component analysis (attention-PCA) methodology designed to improve the performance of oil price forecasting models. The attention-PCA approach enables greater focus on predictor variables with superior forecasting capabilities. Furthermore, we develop a diversity enhancement mechanism for forecast combination by incorporating multiple attention mechanisms, varying numbers of principal components, and a range of forecasting models. The empirical results demonstrates that attention-PCA-based individual forecasting models significantly outperform benchmark models, reducing the Mean Absolute Percentage Error (MAPE) by up to 43.2%. The proposed forecast combination strategy yields the most accurate and diverse forecasts among those evaluated, with the MAPE of the optimal combination model standing at 4.40%.

PGM-free carbon-based catalysts for the electrocatalytic oxygen reduction reaction: active sites and activity enhancement

Exploring high-activity, low-cost platinum group metal-free (PGM-free) oxygen reduction reaction (ORR) electrocatalysts to replace precious metal Pt is critical for large-scale fuel cell applications. Owing to their wide source, controllable composition, low price, and excellent performance, the PGM-free carbon-based electrocatalysts have attracted great interest in academia and are expected to be an ideal replacement for precious metal electrocatalysts. In this review, we mainly focus on PGM-free carbon-based electrocatalysts and first introduce the ORR mechanisms and the active site classification of PGM-free carbon-based electrocatalysts. Then, we propose four strategies to enhance the ORR activity of electrocatalysts from the active site perspective based on the relationship between the structure and function of active sites. Finally, we present the current challenges and prospects for developing ORR electrocatalysts exhibiting high performance and stability.

Carbon Pricing and Stock Performance: Evidence from China’s Emissions Trading Scheme Pilot Regions

This paper examines a sample of 167 publicly listed enterprises covered by eight regional pilot emissions trading markets in China from 2013 to 2023. Our empirical findings indicate that the carbon price returns negatively affect the stock returns of enterprises covered by the regional markets, with the Shenzhen and Guangdong regions suffering a more pronounced effect. Furthermore, high-carbon-intensity enterprises are more susceptible to this negative impact than their low-carbon-intensity counterparts. The robustness of the negative relationship is evident even after the national emissions trading market opened on July 16, 2021. This study provides insightful guidance for policymakers to regulate emissions trading markets.

Multi-objective optimization and price performance factor evaluation of polyaniline nanofibers-palm oil nanofluids for thermal energy storage application

The application of nanofluid in thermal energy storage technology has attracted interest among researchers in the development of novel nanofluids with high thermal conductivity behavior. Therefore, it is crucial to study the thermal physical behavior of formulated nanofluids prior to extend use in greener energy production. In this study, response surface methodology (RSM) is employed to optimize the density, viscosity and thermal conductivity behavior of formulated polyaniline-palm oil nanofluids. RSM based central composite design (CCD) is applied to extract the significant impact of temperature in the range of 30–60 °C and volume concentration of nanoadditives in the range of 0.01–0.5 vol% to the thermal physical properties of polyaniline-palm oil nanofluids and to generate empirical mathematical model for prediction purpose. Finally, the price performance factor of the studied polyaniline-palm oil nanofluids is evaluated for the first time in this research. Analysis of variance is employed to verify that the generated mathematical regression model is reliable. The formation of 45° angle line in the middle of the predicted vs actual data graph with acceptable R2 of 94.43% for density model, 99.43% for viscosity model, and 94.18% for the thermal conductivity model showing an excellent agreement of both predicted and actual data and verified the reliability of the generated regression equation for response prediction. Optimal density, viscosity and thermal conductivity of polyaniline-palm oil nanofluids found to be 0.8878 g/mL, 25.8251 mPa s and 0.2877 W/mK respectively with the critical parameters for temperature and volume concentration of polyaniline are 60 °C and 0.0347 vol% respectively. The PPF evaluation shows that the higher thermal conductivity of nanofluids are not economical. The formulated polyaniline-palm oil nanofluid evaluated properties expose the possibility of alternative advanced heat transfer fluid for thermal energy storage application due to their superior inherent qualities.

Review on Flexural Behavior of Slabs Reinforced with FRP Bars Subjected to Static and Cyclic Loads

One of the main issues that reduces the lifetime serviceability of concrete buildings is the corrosion of steel reinforcing. The degradation of concrete buildings caused by the corrosion of steel reinforcing can be prevented, delayed, or repaired using a variety of currently available techniques. Fiber reinforced polymer bars are an effective and affordable solution to the corrosion issues that steel rebars in severe settings are prone to. Steel alternatives that are robust and extremely corrosion resistant include fiber reinforced polymers. The fiber reinforced polymer bars have a high strength, a low center of gravity, are simple to handle, and require little maintenance. Glass fiber reinforced polymer bars are among the most widely used composite rebars, mostly because of their reasonable price and high performance. The Glass Fiber Reinforced Plastic's mechanical characteristics Steel bars were inferior to polymer bars in a number of respects. This study examines how glass fiber reinforced polymer slabs behave under flexure under static and cyclic loads. Keywords: GFRP bars, Steel.

Asset securitization and bank stock price performance: Bubble increase or risk transfer?

In this study, we analyzed 40 commercial bank annual reports from 2014 to 2021 to clarify the influence of tangible and intangible asset securitization on bank stock price bubbles, based on the banks’ preference for issuing asset securitization. The empirical findings show that tangible asset securitization suppresses the emergence of bank stock price bubbles by improving internal control quality. In contrast, intangible asset securitization weakens the internal control quality while enhancing bank liquidity, exacerbating stock price bubbles. Furthermore, the results of configuration research found interactions between factors that impact bank stock price bubbles, no single factor is necessary to exacerbate bank stock price bubbles. Additionally, three configurations dominate high stock price bubbles in banks: liquidity, credit, and profit risks. The study recommends that banks develop asset securitization issuance policies, promote business transformation, prevent and resolve systemic risks, and facilitate capital market improvement and high-quality economic development.

College Students’ Purchase Intention for Counterfeit Sport Shoes

The purpose of this study is to analyze the intention of college students to purchase counterfeit sports shoes, with needs, information search, price, brand awareness, and the price performance ratio as the analysis factors. This study adopted a random sampling method to survey 726 college students in China. The results of the partial least squares (PLS) analysis showed that the college students, regardless of whether they had experience in purchasing counterfeit sport shoes, searched for product information when having the functional needs and symbolic needs for sport shoes. This study shows that after students have conducted a product search, the price, brand awareness, and price-performance ratio affected their purchase intentions. The findings of this study could provide a reference for practical actions to resist counterfeit sport shoes.

Private Placement, Investor Sentiment, and Stock Price Anomaly

The private placement of A-shares gained momentum with the release of the Administrative Measures for Securities Issuance of Listed Companies in 2006. This led to enhanced research on the impact of private placement on stock prices. In 2012, the Chinese government relaxed the requirements for directed issuance of listed companies, resulting in a surge of directed issuance since then. This study uses a sample of listed companies that conducted private placements in the A-share market between 2013 and 2021, to analyze the impact of investor sentiment on stock price differences after private placements from the perspective of short and long-term excess returns. This study constructs the non-main investor sentiment of individual stocks using high-frequency tick data of individual stocks and explores the relationship between this stock price anomaly and investor sentiment using multiple regression analysis. The results show a positive short-term announcement effect of A-share private placements, with the excess return rate occurring mainly before the plan announcement date. The stock price difference from the plan announcement date to ten trading days thereafter has a significantly negative relationship with the excess return rate. Furthermore, investor sentiment in private placements may negatively affect long-term stock performance. This study suggests that this phenomenon is caused by higher investor sentiment pushing stock prices upward in the short term, causing them to deviate from fundamentals, creating mispricing, and then driving them back to fundamentals, with information disclosure. After controlling for the severity of information disclosure, the effect of investor sentiment on long-term stock price performance becomes insignificant.

IPO suspension, financing uncertainty and corporate tax avoidance

The acquisition of external financing is an important factor affecting the development of enterprises and even the economic growth of a country. However, changes in the external environment often expose enterprises to uncertainties in obtaining external financing. Taking China’s initial public offering (IPO) suspension policy as a setting, this paper examines the impact of the associated external financing uncertainty on firms. The empirical results show that firms that are unable to secure planned financing due to the IPO suspension policy engage in greater tax avoidance activities than successful IPOs during the IPO suspension period; this phenomenon is mainly concentrated in firms that are not state-owned, have no venture capital or private equity backing, have lower debt servicing capacity and have lower tax avoidance risk. Moreover, the tax avoidance activities of enterprises positively influence their fixed asset investment and innovation investment during the IPO suspension period. Evidence based on IPO price performance indicates that investors respond positively to firms’ tax avoidance practices during IPO suspensions.

A Surging Company Against the Odds of Adversity in New Normal: The Case Analysis of Tesla

As one of the most ambitious and innovative companies in the automobile manufacturing industry across the world, Tesla visions itself with the mission to change and redefine the industry landscape of future mobility empowered by innovation and new transportation technologies. This research is conducted to examine how Tesla manages to surge against the odds of all the adversity manifested in the new normal through the lens of financial analysis of Teslas annual reports. In light of the key concepts and financial performance and accounting data presented in the company report, the financial situation and growth of Tesla, specifically regarding its strengths and weaknesses, are analyzed. Besides, possible suggestions on risk control and financial viability, in the long run, are provided. Furthermore, the financial performance of Tesla analyzed from the key metrics are linked to the macroeconomic environment presented in the new normal, so as to consider the impacts on the companys revenues and the validity of the companys stock price performance for investment selection.

Centralized decomposition approach in LSTM for Bitcoin price prediction

It has been reported that integrating time-series decomposition methods and neural network models improves financial time-series prediction performance. Despite its practical importance, the prediction performance of cryptocurrency prices, including Bitcoin, at the tail domain of the label distribution is generally less successful than the mean performance across the entire domain of the label distribution. In order to enhance the overall predictive performance of the Bitcoin price, we propose the Centralized Clusters Distribution (CCD) as a novel input data filtering mechanism that significantly improves both the tail performance and the overall performance by mitigating the extreme bimodality inherent in Bitcoin price. The combination of CCD and the Weighted Empirical Stretching (WES) loss function, which imposes different penalties depending on the label distribution, outcomes in an additional performance gain. In the Long-Short Term Memory (LSTM) and the Singular Spectrum Analysis (SSA) decomposition method, the CCD-WES strategy outperforms the native experiment by 11.5% and 22.5% Root Mean Square Error (RMSE) gain in the whole and extreme domains of the label, respectively.

Does pension fund ownership reduce market manipulation? Evidence from China

This study demonstrates that Chinese stock pension funds have similar investment preferences to mutual funds (pensions and mutual funds are managed by the same group of fund managers) but consistently underperform (outperform) their mutual fund counterparts in growth (value) stock investing. We call this contradiction China’s pension fund puzzle. To solve this puzzle, we provide evidence that stocks with low pension fund ownership have undertaken high price manipulation risks and should be compensated by a risk manipulation premium. We designed a logit (probit) Model training method using four different datasets to train the Model. The results show that the pension fund shareholding variable significantly reduced the probability of price manipulation (logit: −6.37, t = −4.13; probit:−1.72, t = −4.63). In the asset pricing framework, we constructed a price manipulation factor and evaluate its pricing performance. The Chinese market had a significant price manipulation premium of 1.9% (t = 2.006).

Global Crude Oil Price, Oil Revenue and Economic Performance: Dutch Disease Hypothesis

The purpose of this paper is to give a general understanding of the global crude oil price, oil revenue and economic performance vis-à-vis Dutch disease proposition. This work explores the relationship between the price of crude oil and its oil revenue generation on the regions of the Organization of the Petroleum Exporting Countries (OPEC) and non-Organization of the Petroleum Exporting Countries (non-OPEC). The crude oil price has recently been ?uctuating greatly that it cannot be predicted; this ?uctuation causes changes in the oil revenues, thus affecting the economy worldwide. To better understand the factors that affect the crude oil price, this study examined West Texas Intermediate (WTI), Brent, Dubai oil and OPEC oil prices whether the Global oil fluctuation in these countries have a signi?cant effect on the ?uctuation of Oil revenues. Various studies have con?rmed the importance of crude oil prices to the global economy. This study focuses on the relationship between crude oil prices and oil revenue levels. However, therefore, in addition to the in-depth understanding of the relationship between oil prices and oil revenues, the relationship other variables and oil prices is valuable and worthwhile topic to explore. The findings of the studies reviewed revealed that the agriculture sector, manufacturing and telecommunication sector exerted a positive and significant impact on Nigerian economic performance and diversification dwindling oil revenue should be invested heavily on productive non-tradeable sector according to Dutch diseases hypothesis (Riti et al., 2016).

Short-Term Stock Performance of Health Care Companies in Times of Viral Epidemics and Pandemics

The spread of Coronavirus Disease 2019 significantly influenced the global economy. Companies from the health care industry could emerge as potential winners in health crises, and their listed stocks could potentially outperform. For the first time in the English and German language literatures, this study investigates whether this occurred and which factors influenced the short-term stock price performance of companies from the health care industry during epidemics and pandemics. An event study of virus-related epidemics and pandemics from 2000 to 2020 was conducted. The results show that the stocks of companies from the health care industry tend to outperform the market during pandemics. The selection of the subindustry in the health care industry and the region of the stock markets significantly influenced abnormal returns. The results are especially relevant for investors seeking short-term trading opportunities but also provide implications for diversifying their portfolios during epidemics and pandemics.

The roles of liquidity and delay in financial markets based on an optimal forecasting model.

We investigate the roles of liquidity and delay in financial markets through our proposed optimal forecasting model. The efficiency and liquidity of the financial market are examined using stochastic models that incorporate information delay. Based on machine learning, we estimate the in-sample and out-of-sample forecasting price performances of the six proposed methods using the likelihood function and Bayesian methods, and the out-of-sample prediction performance is compared with the benchmark model ARIMA-GARCH. We discover that the forecasting price performance of the proposed simplified delay stochastic model is superior to that of the benchmark methods by the test methods of a variety of loss function, superior predictive ability test (SPA), Akaike information criterion (AIC), and Bayesian information criterion (BIC). Using data from the Chinese stock market, the best forecasting model assesses the efficiency and liquidity of the financial market while accounting for information delay and trade probability. The rise in trade probability and delay time affects the stability of the return distribution and raises the risk, according to stochastic simulation. The empirical findings show that empirical and best forecasting approaches are compatible, that company size and liquidity (delay time) have an inverse relationship, and that delay time and liquidity have a nonlinear relationship. The most efficient have optimal liquidity.

Transfer Pricing, Social Factors and Financial Performance of Universal Companies in Nigeria

Research into transfer pricing and the variables influencing its prevalence and scope in a setting such as Nigeria, a developing country, is fascinating. Understanding these elements is crucial for regulatory agencies in Nigeria or other developing nations to effectively monitor businesses and their transfer pricing operations. This study then examined transfer pricing, social factors and financial performance of universal companies in Nigeria. The study was predicated on agency theory to assess the conflict of interest that arises amidst the investors and executives over the practice of transfer pricing. Eighteen (18) listed universal companies were sampled. Panel regression technique was used to analyse the hypothesis to arrive at interpretable findings. The independent variables were board size, board independence and related party transactions while the dependent variable was return on assets. The control variables were firm size and leverage. Findings showed only RPT were not significantly associated with financial performance. However, the overall model was significant as revealed by the p-value of 0.000215 which is less than 0.05. It can be concluded that transfer pricing and social factors identified in this study have explanatory power to influence the financial performance of universal companies in Nigeria.As a result, it is recommended that regulators should expand their rules to increase the disclosure of transfer pricing practices by universal listed companies, and to expand controls and monitoring over transfer pricing in companies through improving corporate governance mechanisms, including increasing the power of smaller shareholders and independent board members in approving such transactions.

PEMODELAN NILAI PERUSAHAAN MELALUI KEBIJAKAN DIVIDEN MENGGUNAKAN SEM-PLS

Maximizing company value is an important factor for companies to maintain the survival of the company. This study aims to examine the determinants of factors that affect company value through dividend policy as an intervening. Researchers using PT. Telkom Indonesia as the object of research. This research approach uses quantitative descriptive, namely SEM-PLS pathway analysis to test hypotheses that have been formed. The findings of this study that financial performance and dividend policy have no effect on the company value of PT. Telkom Indonesia, Tbk. Through these findings, researchers provide information to investors that PT. Telkom Indonesia, Tbk is a stable stock and does not need to worry about company value even though there are fluctuations in stock price, dividends, and other financial performance.

An Analytical Study of the Elements of Airworthiness Certification Technology Based on the Development of the Conversion of Diesel Engines for Vehicles to Aviation

Aircraft reciprocating engines have been in operation over the past 100 years, which is a testament to their high levels of reliability and stability. Compared to turbine engines, reciprocating engines are at a disadvantage when it comes to high-speed flight. Nevertheless, they are widely used mainly for small aircraft thanks to their high specific power or power-to-weight ratio. Considering that propulsion systems account for approximately 40% of the aircraft price, lightness and high performance are key attributes of aircraft to achieve longer endurance. With the advantages offered by diesel engines, such as fuel economy, less maintenance, and a long lifespan, many attempts have been made to mount automotive diesel engines on urban air mobility and light aircraft. Recognizing advanced automotive diesel technology, where the power-to-weight ratio of the diesel engine is approximately 1 PS/kg, we analyzed a case where an automobile engine was converted for use in an aircraft. We focused on the Mercedes-Benz OM640 and the Austro AE300 and disassembled the two engines for comparative analysis. We then classified the engine components modified for aircraft use by (1) defining the major engine parts as fixed and alteration ones; (2) identifying the airworthiness-related alteration parts; and (3) categorizing the conversion purposes into classes A, B, and C. Components under class A were further categorized into subgroups in accordance with the airworthiness certification specifications outlined by the European Union Aviation Safety Agency. This helped determine the corresponding airworthiness standards for each subgroup. An inspection of the oil supply system revealed the need to apply safety wiring for some components to prevent possible oil leakages, which can be caused by the pressure difference with increasing altitude. Moreover, given that sensor manufacturers are required to present guidelines for sensor redundancy through numerous designs and tests and secure single-fault tolerance, we established criteria for selecting and applying sensors and separating sensors that must be made redundant from ones that are not subject to sensor redundancy.