Return Patterns Research Articles

Short-Run Returns around the Trades of Corporate Insiders on the London Stock Exchange

Previous work examined the long-run profitability of strategies mimicking the trades company directors in the shares of their own company, as a way of testing for market efficiency. The current paper examines patterns in abnormal returns in the days around these trades on the London Stock Exchange. We find movements in returns that are consistent with directors engaging in short-term market timing. We also report that some types of trades have superior predictive content over future returns. In particular, medium-sized trades are more informative for short-term returns than large ones, consistent with Barclay and Warner's (1993) stealth hypothesis whereby informed traders avoid trading in blocks. Another contribution of this study is to properly adjust the abnormal return estimates for microstructure (spread) transactions costs using daily bid-ask spread data. On a net basis, we find that abnormal returns all but disappear.

Synthesis of the effect of investor sentiment on stock returns: a systematic review

The effect of investor sentiment on stock returns is a topic of long-standing interest amongst behavioural economists. This paper systematically reviews the literature on the effect of investor sentiment on stock returns. We have systematically reviewed 107 selected studies and analysed them based on the year, journal of publication, country of sample data, study type, techniques employed, and citations. The literature analysis reveals the dearth of literature on the sentiment-return relationship in developing economies. It also highlights that there exists no set consensus on the sentiment-return relationship along with a lack of clear-cut distinction between the effect of components (rational or irrational) of investor sentiment on the stock performance. It also questions whether the investors can hedge against future risk and whether distinct return patterns are based upon the lead-lag variation or is merely the effect of the optimistic exuberance of the investors.

Using Alternative Investment Vehicles to Replication Hedge Funds Risk and Return

In this paper we will compare the risk return pattern along with the performance measure of hedge funds to alternative investment vehicles, namely the Exchange Traded Funds (ETFs). Our results showed that exchange traded funds can be used to emulate the hedged funds portfolios’ risk and return matrix, and performance. Exchange traded funds are required to report their investment strategies to the Security and Exchange Commission. Hedged funds have proprietary investment strategies and do not have to report their investment strategies to the Security and Exchange Commission.

Causes of Customers’ Cognitive Dissonance and Product Return Frequency: A Malaysian Packaged Food Context

Manuscript type: Research paper Research aims: The cost and frequency of purchased product return are of considerable concern to marketers and retailers. This paper examines the post-purchase cognitive states that influence product return and the drivers that cause cognitive dissonance. Design/Methodology/Approach: A total of 208 valid responses were collected and analysed using SPSS v.22 and SmartPLS 3.2.8 software. Research findings: The findings indicate that emotional dissonance and product dissonance were the main contributing factors determining product return frequency. Switching barriers, customer opportunism and customer attitude significantly affected the level of dissonance; the consideration of liberal return policies and customer expectations of product did not. Findings support the mediating hypothesis of emotional dissonance, and show that product dissonance significantly affects emotional dissonance. Importantly, emotional dissonance has a larger impact on product return frequency than product dissonance. Theoretical implications: This study expands upon the existing literature by providing valuable insight into understanding the external and internal factors contributing to cognitive dissonance and product return frequency. Importantly, the study contributes to the conceptualisation of the mediating role of emotional dissonance in consumer behaviour, particularly in the retail context. Practitioner/Policy implications: The findings are useful in assisting grocery marketers in designing and implementing effective customer retention strategies and loyalty programmes. Pairing of right perceptions about product quality, quantity and volume with cost would be effective to reduce emotional dissonance, and retailers could highlight exclusive product offerings to reduce product dissonance. Research limitation/Implication: Future studies could take into account the influences of demographic variables and various communication platforms which might cause differences in consumers’ product return behaviours. This study only presents the findings of a cross-sectional study. A longitudinal study could be conducted to compare consumers’ product return patterns and cognitive dissonance over a longer time frame.

Numerical evaluation of a new impingement cooling scheme with a separate return-channel applied to turbine blade leading edge

The turbine blade leading edge is imposed with large heat load due to the flow stagnation effect. Jet impingement cooling is widely used to keep blade leading edge below critical metal temperature. However, accumulated crossflow deteriorates jet-flow penetration and subsequently reduces impingement effectiveness. This study introduces a novel impingement-jet cooling scheme with a separate return-channel to reduce the effect of crossflow by extracting the spent flow upwards. In addition, the swirling flow generated inside the return-channel further augments heat transfer. The effects of different return hole patterns and outflow paths are investigated through Computational Fluid Dynamics (CFD) method based on the BSL turbulence model. The effects of return hole pattern and coolant outflow path are investigated and evaluated. The numerical results prove that introduction of the return-channel has improved area-averaged Nu on the target surface significantly compared to the baseline value. The inline pattern performs better than the staggered pattern within the channels with single outlet in the return-channel. However, with outlets in both the impingement channel and the return-channel, the heat-transfer effects of different return patterns are insignificant.

MODIFIED DEEP TRANSGASTRIC TRANSESOPHAGEAL ECHOCARDIOGRAPHY IMAGING OF SUPERIOR VENA CAVA

<h3>Background</h3> Superior vena cava is usually interrogated intraoperatively by a standard bi-caval view as suggested by American Society of Echocardiography. A modified deep transgastric transesophageal echocardiography view is suggested that will superior interrogation of the superior vena cava intraoperatively. <h3>Objective</h3> Evaluation of a modified deep transgastric imaging of superior vena cava in patients undergoing cardiac surgery. <h3>Methods and material</h3> A modified deep transgastric imaging of superior vena cava was performed in children undergoing cardiac surgery. The deep transgastric interrogation with color Doppler blood flow map showed the venous return pattern. A pulse wave Doppler signal analysis was also feasible. The position of the tip of a central venous catheter tip that was inserted through the internal jugular vein could be seen. An agitated saline contrast injected into the left upper limb could exclude the presence of a left superior vena cava. In patients undergoing a undergoing a bi-directional Glenn shunt, considerable length of superior vena cava was visualized. In a child with a partial anomalous pulmonary venous drainage and a superior sinus venosus ASD, a point of the pulmonary vein joining the superior vena cava could be identified as it was possible to interrogate a considerable length of superior vena cava compared to the standard mid esophageal bi-caval view. The deep transgastric TEE interrogation of superior vena cava revealed a residual gradient in the superior vena cava following a sinus venosus atrial septal defect repair that was corrected at the same sitting. A color Doppler blood flow map across the superior vena cava following removal of a directly inserted venous cannula showed turbulence and a continuous-wave Doppler signal analysis revealed a residual gradient that was immediately corrected by the surgeon in another patient. <h3>Conclusion</h3> In conclusion, the deep transgastric TEE view of the superior vena cava is clinically useful. The doppler alignment is parallel to SVC flow (less than 20 degree) which is superior to bi caval view, where the doppler alignment is almost perpendicular to the flow. The probable difficulties that may be encountered that would interfere with proper visualization are: (i) poor contact of the probe with cephalad aspect of the stomach, (ii) air in the stomach, (iii) use of inadequate contact jelly, and (iv) lack of experience. There is a deep learning curve that can be a practical impediment but once honed, it could be a really useful adjunct to our routine trans-esophageal views.

Comparison of Net Present Value Model and Internal Rate of Return Model in Investment Decisions

The continued operation of a company cannot be separated from the right economic decisions. When making investment decisions, NPV and IRR models are often used due to their excellence. However, the two models sometimes yield different results when comparing and selecting investment projects; After researching the relevant literature, in this article, we give a detailed introduction to the NPV and IRR models, and illustrate the economic implications of the two models. However, in practical applications, the NPV and IRR models do not always produce the same outcomes, and in certain cases, contradictions can arise. This paper analyzes the reasons for the contradiction between the two through case studies, and analyzes the applicability of the two models in order to better apply them. The study found that the IRR model produces inaccurate results because of its own insensitivity to situations when it comes to comparing projects of different sizes, different return patterns or comparing projects of investing and financing. But the NPV model, due to the simple calculation of the indicators, is consistent with the financial management objectives of the enterprise, the investment assumptions are relatively reasonable, and there is no problem of multiple solutions or no solutions. When using the IRR indicator and the NPV indicator, when conflicting results are obtained through the use of the NPV indicator and the IRR indicator, the NPV indicator should be chosen to assess the viability of investment projects.

N2O emissions from soils under short-term straw return in a wheat-corn rotation system are associated with changes in the abundance of functional microbes

Straw return is an effective conservation tillage measure that improves soil properties, increases crop yields, and is an efficient means of reusing agrobioenergy by-products. Straw return has been shown to affect nitrogen (N) cycling and related functional microbes in agricultural soils. However, the relationship between nitrous oxide (N2O) emissions and N-related functional genes under different straw return strategies in wheat-corn double cropping systems remains elusive. Here, we conducted a short-term field study to investigate the response of N2O emissions driven by N cycling functional genes (bacterial and archaeal amoA genes and nirS, nirK, and nosZ genes) to different straw return patterns in a wheat-corn double cropping system in the North China Plain. Three treatments were established, namely, both wheat and corn straw return (CWSR), only wheat straw mulch return (WSR), and no straw return (NSR). Over the wheat-corn season, the total N2O emissions significantly increased by 31.74% and 12.37% in CWSR and WSR-treated soils, respectively. Straw return increased nitrifying and denitrifying functional gene abundances, thus stimulating N2O emissions. Correlation analysis showed that AOA (r = 0.262, p < 0.05) and AOB (r = 0.703, p < 0.01) were strongly and positively correlated with NO3−-N concentrations, indicating that AOA and AOB were involved in nitrification under straw return. Both nirS (r = 0.287, p < 0.05) and nirK genes (r = 0.252, p < 0.05) were positively correlated with N2O emissions, while nosZ genes (r = −0.266, p < 0.05) were negatively correlated with N2O emissions. Structural equation model (SEM) analysis further revealed that straw return indirectly affected N2O emissions by influencing the abundances of AOB-amoA (r = 0.324, p < 0.05), nirK (r = 0.417, p < 0.05), and nosZ (r = −0.388, p < 0.001) genes. Overall, short-term straw return increased N2O production in a wheat-corn double cropping system, mainly through increased AOB-amoA and nirK gene abundance, which stimulated N2O production, and reduced nosZ gene abundance, which inhibited N2O reduction.

Patterns of litter and nutrient return to the soil during passive restoration in Cerrado, Brazil

Patterns of litter and nutrient return to the soil during passive restoration in Cerrado, Brazil

Hacked kestrels (&lt;em&gt;Falco tinnunculus&lt;/em&gt;) show similar patterns of post-fledging food dependency as wild reared birds: implications for best practice in release management of orphaned raptors

One of the challenges of wildlife rehabilitation is ensuring that rehabilitated animals have the required characteristics for survival after release. This is especially the case for orphaned animals that normally develop survival skills during a prolonged period of parental care. For raptors, this is called the post-fledging dependency period (PDP), where parents provide nutritional support to juveniles whilst they develop the physiological and behavioural characteristics required to successfully hunt prey. Orphaned raptors can be rehabilitated and released using a method termed “hacking,” a type of “soft-release” where fledglings are released from a nest box, which they learn to associate with food. This method gives the birds an opportunity to develop prey capture skills, whilst continued nutritional support is provided by rehabilitators at the box. Here, we used a hacking method to rehabilitate and release 15 orphaned kestrels (Falco tinnunculus) and observed the pattern of return to the hacking box. Of the released birds, 80% returned to the hack site for food at least once. The average number of days birds returned to the box was 12.67 ± 8.76, and there was a clear trend towards a gradual decrease in return rate (number of visits to the box per day) over time. Our observations are comparable to patterns of PDP in wild-reared kestrels and we therefore suggest that orphaned kestrels can be successfully rehabilitated in this way.

Regional cleavages in African politics: Persistent electoral blocs and territorial oppositions

Do socio-economic cleavages shape electoral dynamics in African countries? Previous individual-level and party systems research on African politics has de-emphasized socio-economic factors, contributing to the common view that ethnic cleavages and short-term ethnic alliances define politics both locally and nationally. Focusing on Kenya, Zambia, and Malawi, we draw on methods in electoral geography to offer a spatial analysis of geographic patterns in constituency-level electoral returns over three decades that reveals the existence of persistent regional voting blocs that, in their temporal stability and multiethnic character, are not well explained by prevailing theory. The anomalies open the door to a reinterpretation national electoral structure and dynamics in the three countries that takes the geographic clustering of the persistent voting blocs as a clue to their etiology. We propose an interpretation that focuses on core-periphery cleavages in national electorates, following Lipset and Rokkan's (1967) classic model of territorial oppositions in countries undergoing political and economic integration and modernization. DHS data and proxies for regional economic activity support this interpretation. Socio-economic cleavages of the type explored in comparative political economy literatures on spatial inequality and territorial politics may be more salient in African electoral politics than previously thought.

Option Returns, Risk Premiums, and Demand Pressure in Energy Markets

We study energy futures option returns for crude oil, natural gas, heating oil, and gasoline. Average call and put returns are negative at short maturities, more so for OTM options, and increase with maturity. Put returns are less negative than call returns, but this is not the case for delta-hedged returns, indicating that the aggregate risk of the underlying energy futures is priced in the raw option returns. Moneyness patterns in raw and delta-hedged returns are similar to patterns for index option returns. Significant differences between the four commodities remain after removing the effect of the underlying futures returns, with natural gas as the main outlier. Variance risk premiums are negative and explain some maturity patterns in returns, but they cannot account for return differences across markets. Energy producers are net short the underlying through their option positions, and speculators net long. The larger the net long position of the speculators, the lower the returns on call options, which suggests that demand from speculators may affect option returns in energy markets.

High Frequency Return and Risk Patterns in U.S. Sector ETFs during COVID-19

This study investigates intraday patterns in the eleven sectors of the United States (U.S.). Key contributions are (i) risk and return patterns at specific trading periods on the New York Stock Exchange (NYSE), (ii) whether a specific day return model can predict the next 15-minute positive return, and (iii) the impact of the first vaccination rollout in the U.S. on intraday Exchange-Traded-Funds (ETF) returns. Time-dependent regressions capture risk and return relationships, decision trees in machine learning compare return models, and impulse responses capture the effect of the 2019 coronavirus (COVID-19) vaccine rollout in U.S. 15-minute Standard &amp; Poor’s Depository Receipts (SPDR) Select Sector ETF data is used over 12th March 2020-23rd February 2021. Findings support sector ETF returns fluctuate the most in the first and last 15 minutes. Average returns in the first 15 minutes are the highest, converging to near zero as the trading session continues. Overnight returns contribute the most to volatility. U-shaped patterns into both return and risk exist, especially on Mondays. Mondays and Fridays have the most significant positive returns 15 minutes after the open. Prediction scores using an all-return model were superior to any specific day return model. The first vaccination rollout has a positive effect only in energy, technology, and financial sector ETFs, however with a short-lasting effect on ETFs returns.

Effects of straw return and straw biochar on soil properties and crop growth: A review.

Straw return is an effective method for disposing agricultural residues. It not only utilizes agricultural waste but also improves soil. In the current review, different crop straw and its characteristics were highlighted, and patterns of straw return were explored (including straw return, straw biochar return, and their combined with fertilizer return), as well as their environmental impacts were outlined. In addition, the effects of straw return and straw biochar amendment on soil properties [e.g., pH, soil organic carbon (SOC), soil nitrogen (N)/phosphorus (P)/potassium (K), soil enzyme activities, and soil microbes] were discussed. Information collected from this review proposed that straw return and straw biochar return or in combination with fertilizer is an applicable way for improving soil fertility and enhancing crop production. Straw return is beneficial to soil physicochemical properties and soil microbial features. The rice straw has positive impacts on crop growth. However, there are different climate types, soil types and crops in China, meaning that the future research need long-term experiment to assess the complex interactions among straw, soil, and plant eco-systems. Accordingly, this review aims to provide available information on the application of straw return in terms of different patterns of its to justify and to expand their effective promotion.

Specifying evacuation return and home-switch stability during short-term disaster recovery using location-based data.

The objectives of this study are: (1) to specify evacuation return and home-switch stability as two critical milestones of short-term recovery during and in the aftermath of disasters; and (2) to understand the disparities among subpopulations in the duration of these critical recovery milestones. Using privacy-preserving fine-resolution location-based data, we examine evacuation and home move-out rates in Harris County, Texas in the context of the 2017 Hurricane Harvey. For each of the two critical recovery milestones, the results reveal the areas with short- and long-return durations and enable evaluating disparities in evacuation return and home-switch stability patterns. In fact, a shorter duration of critical recovery milestone indicators in flooded areas is not necessarily a positive indication. Shorter evacuation return could be due to barriers to evacuation and shorter home move-out rate return for lower-income residents is associated with living in rental homes. In addition, skewed and non-uniform recovery patterns for both the evacuation return and home-switch stability were observed in all subpopulation groups. All return patterns show a two-phase return progress pattern. The findings could inform disaster managers and public officials to perform recovery monitoring and resource allocation in a more proactive, data-driven, and equitable manner.

The sum of all SCARES COVID-19 sentiment and asset return

In this study, I constitute a search based COVID-19 sentiment index using Google search volume. I develop an alternative Scared COVID-19 Attitude Revealed by Eager Search (SCARES) index using the household search volume i.e. “coronavirus pandemic”, “coronavirus epidemic”, and “coronavirus outbreak” of United States (US) during the COVID-19 pandemic. Using daily data from May 1, 2020 to July 30, 2021, I find that SCARES index negatively explains stock market return and subsequent return reversals, implying that households’ increased pandemic sentiment negatively affects equity market return. Furthermore, decile regressions on characteristics-sorted portfolio returns show that SCARES index predicts the return reversals of firms that are small, less profitable, and with low investment. I also report that COVID-19 search shocks of households do not significantly predict any of the Fama-French five-factors except SMB (small-minus-big). Moreover, I use two state Markov switching model and find that structural breaks associated with pandemic phases make SCARES positively related to indices i.e. twitter based uncertainty, volatility index, economic policy uncertainty, and business condition in high volatility regime. Finally, sub-period analysis reports that, in stock market context, people start to react slowly and become relatively less responsive to the COVID-19 search keywords. The findings of this paper can assist key stakeholders in the market to carefully analyze the asset return pattern during pandemic regimes.

Hubungan Persepsi dan Preferensi Atasbagi Hasil Pembiayaan Mudharabah Musytarakah terhadap Minat Menjadi Peserta Asuransi Syariah

&#x0D; &#x0D; Insurance is a way or method to maintain humans in avoiding risks, various dangers that will occur in their lives, in the course of their life activities or in their economic activities. Sharia insurance is a business that protects and helps each other between several parties through investments in the form of assets or tabarru' which provides a pattern of returns used to deal with certain risks through contracts in accordance with sharia principles. This study aims to determine the relationship between perceptions and preferences of the profit sharing of mudharabah financing on the interest in becoming participants in sharia insurance for high school teachers of the Smart Pure Islamic Education Foundation, either partially or simultaneously. The method used in this study is a quantitative method. The population of this study was conducted on teachers in one high school in Medan, North Sumatra with a sample of 65 teachers. Using primary data and distributing questionnaires and multiple regression analysis methods using hypothesis testing. The results of this study simultaneously from the variables of perception and preference for mudharahmusytarakah financing have a significant effect on interest. then partially perception and preference variables affect the interest in becoming a participant of sharia insurance.&#x0D; Keywords: Perception, Preference, Interest, MudharabahMusytarakah, Sharia Insurance

A circular reverse logistics framework for handling e-commerce returns

Global e-commerce sales are growing rapidly adding complexities to their supply chains. There are an increasing trend of product returns along with the growth of global e-commerce platforms, placing a huge significance on reverse logistics management. E-commerce being a competitive industry, factors such as environmental concerns, customer awareness, and legal pressure have led the firms to pay attention to the circular economy and sustainability concepts while managing their reverse logistics. Considering the above factors, this paper proposes a three-stage, circular reverse logistics framework for handling e-commerce returns. We introduce a novel method of applying ward-like hierarchical clustering with geographical constraints on returns data to identify return patterns as the first stage. As the second stage, a circular economy network was introduced among different parties to commit towards the circular economy. We develop a mixed integer linear programming model upon the above circular economy network in the third stage to capture different facets of the reverse logistics in e-commerce and optimize the network. At the final stage, the model is validated with a case study based on an e-commerce firm engaged in consumer electrical and electronics. The decision support system which is an output of this study will help the decision makers in e-commerce firms to embrace circular economy and optimize the reverse logistics network, while handling product returns.

ESG Preference, Institutional Trading, and Stock Return Patterns

AbstractSocially responsible (SR) institutions tend to focus more on the environmental, social, and governance (ESG) performance and less on quantitative signals of value. Consistent with this difference in focus, we find that SR institutions react less to quantitative mispricing signals. Our evidence suggests that the increased focus on ESG may have influenced stock return patterns. Specifically, abnormal returns associated with these mispricing signals are greater for stocks held more by SR institutions. The link between SR ownership and the efficacy of mispricing signals only emerges in recent years with the rise of ESG investing, and is significant only when there are arbitrage-related funding constraints.

Analisis Pengaruh Kinerja Keuangan Terhadap Zakat Perusahaan Asuransi Syariah

&#x0D; Sharia insurance is an effort to protect and help each other among policyholders which is carried out through the collection and management of tabarru funds that provide a pattern of returns to face certain risks through contracts that are in accordance with sharia principles. The aims of this study are (1) to understand the financial performance of Islamic insurance companies, (2) to understand the company's zakat, (3) to understand the effect of financial performance on Islamic insurance companies' zakat, and (4) to understand ROE and ROA. The research used in this research is quantitative deskriptive. The data is taken from secondary data, namely secondary financial statements. Hypothesis testing in this study uses regression analysis. In this study using the company's performance by using the ratio of ROE and ROA. The results of this study indicate that the company's performance using the ROE and ROA methods on the calculation of company zakat has a positive influence on company zakat, but all the results of the calculation can be concluded that insurance company zakat is influenced by the company's operational performance but not fully influenced by ROA and ROE, however. This could be a factor that influences the company in issuing its obligation to pay zakat.&#x0D; Keywords: Financial Performance, Corporate Zakat, Sharia Insurance