Proportion Of Stock Research Articles

Downed woody debris varies with climate and harvesting treatment in Douglas-fir forests of British Columbia, Canada

Downed woody debris is important for biodiversity, forest regeneration, and carbon, nutrient, and water cycling, and past studies have examined how the coarse fraction is affected by climate or harvesting. In a field study in Douglas-fir dominated forests, we expand existing knowledge by investigating the interacting effects of climate and harvesting on downed woody debris of all sizes. Across a 900-km long latitudinal gradient in British Columbia, we found that coarse woody debris (CWD, >7.5 cm diameter) in humid climates contained 700% greater carbon stocks, had 500% greater volume, and was more diverse than in arid climates. Pre- and post-harvest, small and fine woody debris comprised a higher proportion of total woody debris carbon stocks in arid than moist climates, especially after clearcutting and seed tree treatments. Harvesting generally decreased total CWD volume, but it was not depleted on any site. Harvesting substantially reduced the volume of large, highly decomposed CWD except at the two most arid sites, and losses of large CWD increased with increasing tree removal. These losses were accompanied by a pulse of fresh, small diameter CWD and SWD which are short-term organic nutrient sources but have less habitat value than larger pieces and contribute to fuel loads. Because CWD was less abundant in arid than humid mature forests, care must be taken on arid sites to avoid its depletion during harvesting, especially clearcutting, where future woody debris inputs will not occur for decades.

Portfolio risk and return between energy and non-energy stocks

This paper aims to examine the potential for portfolio returns by adding together conventional and energy stocks with varying proportions. We examine the risk and return characteristics of a portfolio comprising energy and non-energy stocks from twenty countries. The period for daily data ranges from 2nd July 1999 to 2nd July 2021. We use multiscale Sharpe and VaR ratios to examine the risk and returns behaviour of a portfolio with varying composition between energy and non-energy stocks across different investment periods. Our results highlight optimal returns for the equally weighted portfolio during normal and crisis periods except COVID-19 during which more proportion of conventional stocks is preferred. Risk estimates advocate an equally weighted portfolio for all periods however risk varies with the holding period. These results carry useful investment implications during short- and long-run holdings of conventional and energy stocks in a portfolio.

Penentuan Portofolio Saham Optimal Menggunakan Metode Markowitz Sebagai Dasar Keputusan Investasi

A stock portfolio is a combination of two or more securities invested over a specific period and under certain conditions. This study analyzes the combination of stocks that can be formed into an optimal portfolio using the Markowitz method. The Markowitz method is employed to maximize returns and minimize the risks associated with a portfolio. This method uses a mathematical formulation that allows for adjustments based on risk tolerance levels and expected returns to achieve an optimal portfolio. The data used in this study comprises the monthly closing prices of stocks from five selected companies, namely ICBP, BBCA, TLKM, BBNI, and INCO, for the period from June 2019 to December 2022. The findings indicate a recommended portfolio with the lowest risk, known as the Minimum Variance Portfolio (MVP). The MVP comprises the following proportions: ICBP 36.10%, BBCA 36.28%, TLKM 17.84%, INCO 8.39%, and BBNI 1.39%. This combination of stock proportions yields an expected return of 8.58% and a portfolio risk of 21.52%.Keywords: Markowitz method, Minimum Variance Portfolio, Portfolio Optimization.

Stand growth, Biomass and Carbon sequestration potentials of Parkia biglobosa (jacq.) Bench plantation in South-Western Nigeria

This study assessed tree growth variables, above (AGB), below ground biomass (BGB) and total carbon content (TC) sequestered by Parkia biglobosa (Jacq.) Bench. Plantation in Wasangare, Oyo State using non-destructive ground base survey. Tree growth data (Diameter at breast height, Dbh and Tree height, Th) were collected using lacer ace hypsometer and diameter girth tape from 20 temporary sampling plots of size 25 m X 25 m established through systematic transect lines. Diameter size classes (DSC) for the plantation was examined, carbon stock for each DSC was also determine while basal area (m2 ha-1), volume (m3 ha-1), Biomass (Mg ha-1) and Carbon (Mg ha-1) were also estimated. Results showed mean Dbh of 18.7 + 0.25 cm with 8.14 + 0.10 m, 0.033 + 0.00 m2 ha-1 and 0.320 + 0.01 m3 ha-1 for tree height, basal area and volume respectively. AGB and BGB were 10.877 + 0.39 Mgha-1 and 2.175 + 0.08 Mgha-1 respectively while TC was 6.527 + 0.24 Mgha-1. The percentage carbon stock proportion for each DSC revealed class size 25-29-9 cm (19.02%) as the highest while the least proportion was observed in less than 5 cm class with 0.04% of carbon. The DSC showed majority of the tree Dbh in lower Dbh classes with fewer trees in higher classes forming almost a normal bell shape. The study provides information that can help the management in planning silvicultural activities and selective removal from the stand (harvesting schedule). Tree Dbh, height, basal area, volume and biomass are the determinant characteristics for forest carbon assessment. In conclusion, the plantation actively sequesters carbon showing potentials for indigenous trees in climate change mitigation.

Optimal Portfolio Using Single Index Model (SIM) For Health Sector Stocks

Investment is one of the fund management activities with the aim of obtaining future profits. In addition to profits, investors also need to consider the risks that will be faced by diversifying. Diversification is done by forming an optimal portfolio. This research aims to determine the proportion of stocks in the optimal portfolio and calculate the expected return and risk value of the optimal portfolio. The object used to form the optimal portfolio is health sector stock group for the period January 2020 - December 2022. The method used to form the optimal portfolio is Single Index Model (SIM). The results showed that there were 6 combinations of health sector stock in the optimal portfolio, such as IRRA, PRDA, SAME, SILO, MERK, and HEAL stocks of 8.94%, 9.24%, 9.34%, 11.92%, 27.15%, and 33.41% respectively with expected return of 2.68% and a risk value of 1.85%.

Seed‐dispersal mode and habitat connectivity underpin variation in carbon stocking between Brazilian biomes

Abstract In tropical forests, about 60%–80% of woody plant species depend on animal–plant interactions for dispersal. The dependence on animal species for dispersal makes this interaction very fragile in the face of anthropogenic changes in land use. Disrupting seed‐dispersal processes, principally zoochoric dispersal, could significantly alter the long‐term carbon storage potential of tropical forests. An important question is how landscape structure changes tree carbon stocks in different types of tropical vegetation and how variation is mediated by the dispersal mode of animal (zoochoric) or abiotic (non‐zoochoric) seeds. We focused on tree plots at 126 sites in Brazil spanning four types of forest and savanna vegetation, and calculated carbon stored in zoochoric, non‐zoochoric, and large frugivore‐dispersed species. Our results showed that carbon stocks in zoochoric species and non‐zoochoric species differ significantly among vegetation types, with rainforests having higher stocks in zoochoric species and deciduous seasonally dry tropical forests having higher values in non‐zoochoric species. A greater area of native vegetation promotes higher proportions of carbon stocks dispersed by large frugivore species, whereas a higher mean shape index reduces this proportion. Synthesis. This study highlights that seed‐dispersal type underpins the variation in carbon stocks between vegetation types and that the maintenance of habitat of large dispersers and connectivity are key for retaining carbon stocks in zoochoric species, particularly in rainforest and cerrado sensu stricto.

Pedigree-Based Genetic Diversity in the South African Boerboel Dog Breed.

The Boerboel dog breed (BBD) is indigenous to South Africa (SA) and plays an important role in safeguarding homes and farms. The Department of Agriculture, Land Reform, and Rural Development (DALRRD) classifies the BBD as a protected species, and it is valued for its intelligence, boldness, and strength, as well as for continually ensuring the safety of its owners. The aim of this study was to investigate genetic diversity within the BBD population using pedigree information. The original BBD data, which contained 87,808 records, were obtained from the Integrated Registration and Genetic Information System (INTERGIS). After editing, the pedigree data included 87,755 records of animals born between 1971 and 2019. Pedigree analyses were performed using PEDIG (Fortran 77 software) to determine the completeness, inbreeding coefficients, and genetic diversity as defined by the genetic contributions of the most important ancestors of the current animals. This study identified 91.2% inbred animals in the BBD population, with an average and maximum inbreeding of 7.5% and 50% of inbred animals, respectively. The estimated inbreeding rate per year was 0.20% with an effective population size of 83.1. The most influential ancestors explained 82.63% and 80.92% of the total genetic variation for males and females in the studied populations, respectively. Only 10 important ancestors explained more than 50% of the entire population's genetic diversity. The numbers of founders (f) were 348 and 356, and the effective numbers of founders (fe) were 57.4 and 60.1, respectively, for males and females. The numbers of founders were higher than the effective numbers of founders, implying a loss of genetic diversity due to unequal founder contributions. The BBD population was not critically endangered based on the inbreeding rates and effective population size; however, the population experienced a significant loss of genetic variability, unequal genetic contributions by founders, and a genetic bottleneck. Future breeding strategies could benefit from using equal proportions of parent stock and including new genetically distant breeds.

Determination of Optimal Stock Portfolio Return by Single Index Model (Case Study on Banking Sector Stocks in Indonesia)

The optimal portfolio is a portfolio chosen by investors from the many options available in the collection of efficient portfolios. To get the optimal proportion, which is the maximum return and minimum risk, it is necessary to analyze the stocks to be selected in the investment model. The research objective is to determine the optimal return, risk, and proportion for each banking stock portfolio in Indonesia in the period February - July 2023. The method used is the Single Index Model. The process of determining the optimal proportion of stocks with the Single Index Model requires stock and market return data as the main basis for applying this method. This study involves the formation of an optimal portfolio of daily closing prices of 46 banking stocks. As a result of this research, there are 5 optimal stocks that meet the criteria for optimal portfolio formation with each fund proportion of 21.43% (BNII), 13.52% (BDMN), 35.02% (BBRI), 23.69% (BTPN), and 6.34% (BBCA). Expected return from optimal stocks is 0.152% and the risk that will be borne by investors is 0.0011% per day.

‘No distinction exists as to religion, profession, or sex’: Imperial Reform and the Electoral Culture of the East India Company's Court of Proprietors, 1760–84

AbstractAs contemporaries frequently pointed out, and often in disparaging terms, the governing institutions of the British East India Company contained an almost unprecedented ‘democratical’ element. By this, they were referring to the Company's General Court of Proprietors, its sovereign deliberative body, composed of all East India stockholders. Ownership of certain proportions of stock conferred the rights to participate in debate, to vote on policy, and to elect on an annual basis the directors who governed the day‐to‐day affairs of the Company. These electoral rights were granted solely by virtue of stock‐ownership and made no distinctions based on sex, social status, nationality or religion. This article examines the ways in which women, non‐Britons and religious minorities, in particular, took advantage of the opportunities for political participation opened up by the politicisation of the East India Company's general court in the 1760s, as well as the ways in which this was discussed and debated by contemporaries both in parliament and the press. Tracing the political activities of Mary Barwell, William Bolts and Joseph Salvador provides a unique window into a variety of ways in which the Company offered an alternative venue for political activity for groups often otherwise excluded from the formal politics at Westminster. In doing so, it also shows how the democratic elements of the Company's general court played a significant role in shaping the reform of the East India Company between 1767 and 1784, a process which ultimately led to their curtailment.

Effect of banks’ ownership structure on financial performance: evidence from banks in an emerging market

PurposeThis study aims to examine the effect of ownership structure on financial performance of commercial banks in Kenya.Design/methodology/approachThe data were collected from audited financial statements of 39 commercial banks in Kenya for the period 2009–2020.FindingsRegression results found evidence of ownership structure explaining commercial banks’ financial performance. The results found a negative association between state ownership and net interest margin, a negative association between management ownership and net interest margin and a negative association between institutional ownership and return on assets.Practical implicationsBased on the findings, commercial bank management should therefore devise ownership structure policies that are geared toward boosting their financial performance both in the short run and the long run. Second, this study recommends a minority shareholding of the state in commercial banks to deter political interference, protect investors’ wealth from erosion and allow the majority shareholders to adopt a strong corporate governance mechanism for higher financial performance. Banks with a high percentage of state ownership should consider partial privatization to improve corporate governance practices. Third, banks should adopt a managerial ownership policy limiting the proportion of equity stock held by executives to limit their powers in strategic decision-making. Fourth, this study proposes a percentage limit on the equity stock of an institutional investor to eliminate bureaucracy in strategic decision-making and protect investors’ wealth.Originality/valueThe study finding is meant to inform regulation and operation policies in the banking sector and contribute to the literature on ownership structure, especially in the banking sector.

The changes in soil organic carbon stock and quality across a subalpine forest successional series

Soil organic carbon (SOC) affects the function of terrestrial ecosystem and plays a vital role in global carbon cycle. Yet, large uncertainty still existed regarding the changes in SOC stock and quality with forest succession. Here, the stock and quality of SOC at 1-m soil profile were investigated across a subalpine forest series, including shrub, deciduous broad-leaved forest, broadleaf-conifer mixed forest, middle-age coniferous forest and mature coniferous forest, which located at southeast of Tibetan Plateau. The results showed that SOC stock ranged from 9.8 to 29.9 ​kg⋅m−2, and exhibited a hump-shaped response pattern across the forest successional series. The highest and lowest SOC stock was observed in the mixed forest and shrub forest, respectively. The SOC stock had no significant relationships with soil temperature and litter stock, but was positively correlated with wood debris stock. Meanwhile, the average percentages of polysaccharides, lignins, aromatics and aliphatics based on FTIR spectroscopy were 79.89%, 0.94%, 18.87% and 0.29%, respectively. Furthermore, the percentage of polysaccharides exhibited an increasing pattern across the forest successional series except for the sudden decreasing in the mixed forest, while the proportions of lignins, aromatics and aliphatics exhibited a decreasing pattern across the forest successional series except for the sudden increasing in the mixed forest. Consequently, the humification indices (HIs) were highest in the mixed forest compared to the other four successional stages, which means that the SOC quality in mixed forest was worse than other successional stages. In addition, the SOC stock, recalcitrant fractions and HIs decreased with increasing soil depth, while the polysaccharides exhibited an increasing pattern. These findings demonstrate that the mixed forest had higher SOC stock and worse SOC quality than other successional stages. The high proportion of SOC stock (66% at depth of 20–100 ​cm) and better SOC quality (lower HIs) indicate that deep soil have tremendous potential to store SOC and needs more attention under global change.

Is the performance of shares in the stock market affected by monetary policy change and the transmission channel of exchange rate? - The case of Turkey

In this study, in case that the objectives are price and financial stability, it is investigated whether the transmission channel based on exchange rate due to changes in monetary policy affects the performance of shares due to external debt stock. Borsa Istanbul is chosen as the stock market and the performance of nine sectors is examined during the high and low foreign exchange rate periods due to monetary policy change. The performance of the sectors is defined by portfolio performance measurement methods, and the TOPSIS (Technique for Order Preference by Similarity to Ideal Solution) analysis based on entropy is used for multi-criteria decision making. It is concluded that the monetary policy change affects the performance of the sectors, which constitutes a substantial proportion of external debt stock.

Climate Change Will Increase Biomass Proportion of Global Forest Carbon Stocks Under an SSP5–8.5 Climate Trajectory

AbstractA large amount of carbon is stored in global forests. However, the fraction of carbon stored as plant biomass versus soil organic carbon (SOC) varies among forest types, and potential changes over the 21st century are uncertain. Here, we used extensive data derived from inventories and remote sensing and Coupled Model Intercomparison Project Phase 6 (CMIP6) models to examine the current and 21st century dynamics in the proportion of biomass and SOC across global forests. We found that precipitation, elevation, soil, and wildfire were the primary controls of these differences in carbon pools. Under the SSP5–8.5 climate scenario, CMIP6 models project that the ratio of biomass to ecosystem carbon in global forests will increase across the 21st century, with the largest increases in boreal forests (95 ± 37%) compared to moist tropical forests (16 ± 15%). Changes in forest carbon pools resulting in greater biomass fraction will affect disturbance, and ecosystem carbon and energy balances, all of which interact with the climate system.

Portfolio Allocation with Medical Expenditure Risk-A Life Cycle Model and Machine Learning Analysis

<p class="MsoNormal" style="margin-top: 12.0pt;"><span lang="EN-US" style="font-family: verdana, geneva, sans-serif;">This paper explores how the medical expenditure risk affects the households’ portfolio choice across health status theoretically in a life cycle model and empirically using machine learning methods. Medical expenditure risk, as a background risk, has the potential to influence households’ financial decisions. A higher medical expenditure risk leads to a larger fluctuation and more uncertainty in households’ consumption and therefore utility. As a result, risk-free assets become more attractive. Our machine learning analysis provides evidence that aligns with the predictions of the theoretical life cycle model. Specifically, households with better health hold a larger proportion of stocks in their portfolios. Furthermore, when facing increased medical expenditure risk, households in good health demonstrate a greater willingness to invest in safe assets.</span></p>

Spatiotemporal variation characteristics analysis of infrastructure iron stock in China based on nighttime light data

Abstract Iron is one of the most important basic materials in infrastructure development, spatial and temporal variation characteristics analysis of infrastructure iron stocks is conducive to revealing its distribution and change patterns from different scales, which can provide a scientific basis for sustainable urban development and iron resource management in China. In this article, we first calculated provincial infrastructure iron stock data from 2000 to 2020. Then, fitting equations between nighttime lighting data and infrastructure iron stock are constructed to simulate the spatial distribution of China’s infrastructure iron stock at 500 m resolution from 2000 to 2020. Finally, the spatial and temporal dynamics of China’s infrastructure iron stock is analyzed from four scales: national, regional, provincial, and urban agglomeration. The results show as follows: (1) China’s infrastructure iron stock grew at an average annual rate of 26.42% from 2000 to 2020, with China’s infrastructure iron stock increasing 6.28 times over the 21 years. Construction facilities are the most important part of the infrastructure iron stock, and its share is still increasing. (2) On a regional scale, the high-growth type of infrastructure iron stock is mainly distributed in the eastern region, while the no-obvious-growth type is mainly distributed in the western region. The high grade of infrastructure iron stock is mainly distributed in the eastern region, while the low grade is mainly distributed in the western region. (3) On a provincial scale, the highest share of no-obvious-growth type of infrastructure iron stock is in Xinjiang. The highest proportion of infrastructure iron stock of high-growth type is in Jiangsu. The highest proportion of low-grade infrastructure iron stock is in Xinjiang. The highest proportion of infrastructure iron stock of high grade is in Beijing. (4) In terms of urban agglomerations, the high-growth type of infrastructure iron stock is mainly located in Shanghai–Nanjing–Hangzhou, while the no-obvious-growth type is mainly located in the Middle south of Liaoning. The high-grade infrastructure iron stock is mainly distributed in Shanghai–Nanjing–Hangzhou, while the low grade is mainly distributed in Sichuan–Chongqing.

Spawning Locations, Movements, and Potential for Stock Mixing of Walleye in Green Bay, Lake Michigan

AbstractEffective fishery management in large systems relies on understanding how individual stocks contribute to a fishery over spatial and temporal scales. The current conceptual model for management of Walleye Sander vitreus in Green Bay designates Walleye in the northern and southern parts of the bay as distinct stocks, with little mixing between the northern and southern fisheries, and assumes that Walleye in both northern and southern Green Bay primarily spawn in tributaries as opposed to shoreline or offshore reef areas. We used acoustic telemetry to test this conceptual model for Walleye management in Green Bay. Telemetry indicated that the majority of Green Bay Walleye use tributaries for spawning. However, many individuals were assigned to open‐water spawning locations during consecutive years in both northern (26%) and southern (21%) Green Bay, suggesting that open‐water spawners may represent a larger proportion of the Walleye stocks than previously thought. Differential movement was observed between northern and southern portions of Green Bay, with 56% of Walleye tagged in northern Green Bay crossing receiver lines to move south compared to only 19% of Walleye tagged in southern Green Bay crossing receiver lines to move north. Walleye typically transitioned across these boundaries in summer and fall, suggesting that stock contributions to the fishery in each zone may differ seasonally. Differential movements of northern Green Bay Walleye may be influenced by broad‐scale differences in habitat and prey availability, which are likely related to the differential effects of dreissenid mussel invasion in Green Bay. Our results suggest that adjustment of monitoring efforts to account for open‐water spawners may provide a more complete picture of stock status. Additionally, more research examining potential food web effects of northern Green Bay Walleye moving into southern Green Bay may be needed to determine how these movements might influence other important species.

Equilibrium investment with random risk aversion.

We solve the problem of an investor who maximizes utility but faces random preferences. We propose a problem formulation based on expected certainty equivalents. We tackle the time-consistency issues arising from that formulation by applying the equilibrium theory approach. To this end, we provide the proper definitions and prove a rigorous verification theorem. We complete the calculations for the cases of power and exponential utility. For power utility, we illustrate in a numerical example that the equilibrium stock proportion is independent of wealth, but decreasing in time, which we also supplement by a theoretical discussion. For exponential utility, the usual constant absolute risk aversion is replaced by itsexpectation.

Statystyka mieszkaniowego majątku trwałego w Polsce – wyzwania metodyczne

The aim of the article is to present the current methodological challenges related to the statistics of residential fixed capital and its reproduction, i.e. streams affecting its value. Our research, based on information from Statistics Poland and the literature relevant to the Polish experience, demonstrates that official statistics does not have enough information to draw conclusions – especially long-term ones – regarding the current shape of residential fixed capital in Poland and its place in a larger, socio-economic system. What is missing in particular are the data necessary to define the actual volume, degree of wear and tear and the proportion of the housing stock of fixed capital, as well as the value streams of this capital made available for use or liquidated. It is also impossible to determine the value of outlays on the renovation and operation of the housing stock. The implementation of changes in the statistics of residential fixed capital according to the guidelines proposed in this paper is likely to improve its ability to illustrate more accurately the trends and other economic structural dependencies that shape the social dimension of the housing problem.

중국 기업의 ESG의 특징과 기업가치에 대한 영향

Purpose - Since the 2020s, the management philosophy of Chinese firms' ESG has been rapidly established under the leadership of the Chinese government. We empirically analyze the ESG characteristics and effects on corporate value of Chinese firms.
 Design/methodology/approach - Using OLS and random effect panel regression analysis, we identify ESG determinants. In analyzing the impact on corporate value, likewise a large number of literatures, we adopt a 2SLS methodology using instrumental variables in the reason of endogeneity between ESG and firm value. We analyze using the G2SLS methodology, which is improving the efficiency of the estimation coefficients along with 2SLS.
 Findings - We find that ESG ratings are high in state-owned and foreign capital invested companies, ESG ratings are low in companies with a high proportion of non-floating stocks which implies information asymmetry. However, there are no significance in the institutional investor's, the major 10 largest shareholders’ and manager’s ownership. Furthermore, we can support most of the hypotheses that ESG ratings will be high in companies with high management performance. ESG ratings are significantly higher in companies with high ROA, rich in cash asset, low debt ratio, and large size. we strongly support the hypothesis that the higher the ESG rating, the higher the firm value, and ESG has a moderating effect on state-owned companies, non-floating shares, the ownership of institutional investors, manager, and the 10 major shareholder. In particular, state-owned companies, the proportion of non-floating shares, and the ownership of the 10 major shareholders have a negative impact on firm value, however, ESG attenuates this negative effect.
 Research implications or Originality - This study looks forward to enhancing our understanding of ESG characteristics in East Asia.

Cranes among chickens: The general-attention‐grabbing effect of daily price limits in China's stock market

This paper examines the general-attention-grabbing effect of daily price limits in China's stock market. We show that stocks with large exposure to daily price limits attract more investor attention and have lower future returns. The exposure is measured empirically through the absolute beta with respect to the daily proportion of stocks that hit price limits. The general-attention-grabbing effect is not solely caused by stocks that recently hit price limits, is not subsumed by market volatility exposure, and does not reflect other stock market characteristics. Moreover, the effect is stronger among stocks that are heavily invested in by retail investors.