Variable Returns Research Articles

Using remote sensing to map degraded mountain peatlands with high climate mitigation potential in Colombia's Central Cordillera

Peatlands are the most carbon-dense ecosystems on earth. In tropical mountains, peatlands are numerous and susceptible to rapid degradation and carbon loss after human disturbances. Quantifying where peatlands are located and how they are affected by land use is key in creating a baseline of carbon stocks and greenhouse gas fluxes from tropical mountain peatlands. However, mapping peatlands in the páramo of the Northern Andes is difficult because they are in a topographically complex environment with nearly continuous cloud cover and frequent conversion to pastures or cropland. The goal of this effort was to identify the different types of páramo peatlands and their degradation patterns in the Colombian Central Cordillera. Moderate resolution cloud-free composites of optical imagery, temporal variance in ALOS- PALSAR L-band SAR, Sentinel-1 C-band SAR, and topography data were used as inputs in a machine learning classifier to identify was used to map 12 land cover classes including peatlands with natural vegetation and peatlands converted to pasture. Field data from 507 control points collected across the study area, including information on the vegetation and carbon content on the top 20 cm of the soil, were used to train and validate the classifier. Results show that the use of multiple platforms and image dates, including variance of the radar returns, is necessary for a clear separation of disturbed and undisturbed peatland classes. Peatland area varied across the study region, covering 7% and 20% of the landscape in the northern and southern portions of the study area, respectively. Disturbed peatlands with exotic grasses cover nearly 2% of the area. The overall accuracy of the peatland classes was 82.6%. Disturbed peatlands with exotic grasses had less carbon in the top 20 cm than undisturbed peatlands with natural vegetation. These results highlight the prevalence of peatlands in the tropical Andes and a promising approach to detecting peatlands converted to agriculture. Understanding the distribution and extent of these carbon dense ecosystems can facilitate the restoration and protection of peatlands in the northern Andes, with implications for the future trajectories of the national greenhouse gas inventory.

Modeling Conditional Factor Risk Premia Implied by Index Option Returns

ABSTRACTWe propose a novel factor model for option returns. Option exposures are estimated nonparametrically, and factor risk premia can vary nonlinearly with states. The model is estimated using regressions with minimal assumptions on factor and option return dynamics. We estimate the model using index options to characterize the conditional risk premia for factors of interest, such as the market return, market variance, tail and intermediary risk factors, higher moments, and the VIX term structure slope. Together, market return and variance explain more than 90% of option return variation. Unconditionally, the magnitude of the variance risk premium is plausible. It displays pronounced time variation, spikes during crises, and always has the expected sign.

ANALISIS RASIO PROFITABILITAS DAN UKURAN PERUSAHAAN TERHADAP KINERJA KEUANGAN SEKTOR PROPERTY YANG TERDAFTAR DI BEI 2020-2021

This research aims to analyze Profitability Ratios, company size on financial performance which is measured using the activity ratio of property companies listed on the Indonesia Stock Exchange for the 2020-2021 period. The data collection technique is carried out using the documentation method, namely by looking at the required data, then recording and analyzing the published annual financial reports of property sector companies listed on the Indonesia Stock Exchange for the 2020-2021 period. The data analysis technique is carried out using SPSS application statistical tests such as the Classic Assumption Test and Hypothesis Test. The population of this research is all property sector companies listed on the Indonesian Stock Exchange. Meanwhile, the sample determination in this study used a purposive sampling technique and there were only twenty companies that met the criteria. The results of this research show Y = 10.476 + 0.046X1 + 0.015 X2 + 0.436X3. Based on the results of the research conducted, the results obtained were that Return on Assets (ROA), Return on Equity (ROE) and company size simultaneously had a positive and significant effect on the company value of property sector companies listed on the Indonesia Stock Exchange for the 2020-2021 period with a value of the significance level of 0.003 is smaller than 0.05. So it can be concluded that Return on Assets (ROA), Return on Equity (ROE) and company size simultaneously have a significant effect on company performance. Furthermore, the results of data tests that have been carried out using multiple linear regression analysis show that the regression coefficient value for the variables Return on Assets (ROA), Return on Equity (ROE) and company size is 0.046. Assuming that the variables Return on Assets (ROA), Return on Equity (ROE) and company size are constant. This shows that Return on Assets (ROA), Return on Equity (ROE), company size partially influence company performance.

Efficiency Analysis of Elementary Schools in Bratislava – A Two Step DEA Approach

Abstract Education is a key area that should matter to the whole society. Measuring efficiency in education is a widely discussed academic and professional topic. The presented article focuses on investigating the efficiency of 57 elementary schools in the city of Bratislava. We used a two-step approach. In addition to measuring the output efficiency of elementary schools through the analysis of the non-parametric Data Envelopment Analysis method (DEA) with variable returns of scale (VRS), we also performed regression analyses to examine the connection between contextual variables and the measured output efficiency. The analysis shows that the achieved output efficiency is positively associated by the technical equipment of schools, staff in schools and the establishment (prestige) of schools in society. We noted a negative association with the number of students with special needs. Our findings can serve the city administration, as they can largely influence the monitored parameters by their own decision.

The Effect of Return On Asset and Debt ToEquity Ratio on Return on PT Mayora Indah Tbk's Stock Return for the 2012-2022 Period

The purpose of this study is to determine the effect of Return On Assets and Debt to Equity Ratio on Stock Return at PT Mayora Indah Tbk for the 2012-2022 period both partially and simultaneously. This type of research is associative research to determine the relationship between two or more variables. The methods used are quantitative methods by conducting descriptive statistical testing, classical assumption tests, multiple linear regression tests, correlation coefficient tests, hypothesis tests and determination coefficient tests. The results of the t test (Partial) show that Return On Assets has an insignificant effect on stock returns with a significance of 0.051 > 0.05 and a calculated t value of 2.289 < t table 2.306. The results of the partial t debt to equity ratio test have a significant effect on Stock Return with a significant value of 0.021 < 0.05 and t count 2.866 > t table 2.306. The results of Test F simultaneously return on assets and debt to equity ratio to stock return with a significant value of 0.034 < 0.05 and F value calculated 5.339 > F table 4.26. The results of the determination test showed that the variable return on assets and debt to equity ratio affected the variable stock return by 46.2%.

Evaluation of the efficiency of agricultural higher education institutions of Ukraine and the dynamics of its change by data envelopment analysis

Presently, the process of assessing the effectiveness of higher education institutions and analysing the dynamics of its change needs to be improved, which determines the relevance of this study. The purpose of this study was to improve the assessment of the efficiency of agricultural higher education institutions of Ukraine in the scientific and journalistic context, as well as to investigate the changes in dynamics using the non-parametric method of assessing the relative efficiency of data envelopment analysis. The study used methods of statistical processing and data analysis, linear programming, computer computing to solve research problems, and logical and analytical methods to determine the purpose of the study, the means of achieving it, substantiate the findings of the study, and formulate conclusions. To evaluate the effectiveness of scientific and publishing activities of these higher education institutions, the input-oriented model of variable returns to scale of the data envelopment analysis method was applied. Using statistical data for 2020- 2022, the net technical efficiency of scientific and publishing activities of 37 agricultural higher education institutions of Ukraine was assessed. Based on the results of the assessment, a rating of agricultural higher education institutions in Ukraine was compiled. It was found that in 2021 and 2022, 27% of the surveyed higher education institutions were 100% effective. The average net technical efficiency in 2021 and 2022 was 0.91. In 2021-2022, 27% of agricultural higher education institutions increased the efficiency of scientific and publishing activities, 59% did not change, and 14% decreased. On average, there was a 1% increase in the use of educational resources in the field of agricultural higher education. Thus, the scientific and publication activities of agricultural higher education institutions during the study period are progressive. The findings of this study can be used for a reasonable ranking of higher education institutions according to the efficiency of scientific and publishing activities, analysis of the dynamics of changes in efficiency.

Pengaruh Return On Equity Dan Net Profit Margin Terhadap Harga Saham Pada PT Mayora Indah Tbk Periode 2013 – 2022

This research aims to find out the influence of Return On Equity (ROE) and Net Profit Margin (NPM) on stock prices. The independent variables used are Return On Equity (ROE) and Net Profit Margin (NPM) and the dependent variable used is Share Price. This research method is associative with a quantitative approach. The sample in this research is the annual financial report of PT Mayora Indah Tbk for the 2013-2022 period. A total of 10 data can be processed. Data were tested using descriptive statistical test methods, classical assumption tests (normality test, multicollinearity test, heteroscedasticity test, and autocorrection test), multiple linear regression analysis, coefficient of determination test and hypothesis test (T test and F test) with a significance level of 5%, then the data was processed using IBM SPSS Statistics Version 25. The results of this research show that partially the Return On Equity (ROE) variable has a negative and significant effect on stock prices. The research results based on the results of the t test (partial test) show that the calculated t value > t Table -3.179 > 2.365 and the significance value is 0.016 < 0.05 so Ho is rejected and Ha is accepted. Partially, the Net Profit Margin (NPM) variable has a positive and significant effect on share prices. The research results based on the results of the t test (partial test) show that the calculated t value > t table value or 3.216 > 2.365 and seen from the significance value of 0.015< 0.05, so Ho is rejected and Ha is accepted . Simultaneously the variables Return On Equity (ROE) and Net Profit Margin (NPM) variables have a significant effect on share prices. The research results based on the F test (simultaneous test) the value of Fvalue > Ftable or 5.360 > 4.737 with a significance value of 0.039 < 0.05, so Ho is rejected and Ha is accepted. The Result of testing the coefficient o0f determination can be concluded that the two independent variables influence stock price by 49.2% while the remaining 50.8% is influenced by other factors not examined in this research.

Inverse DEA based resource allocation method for nonhomogeneous decision-making units

Inverse data envelopment analysis (DEA) method is a useful tool for analyzing the optimization of resource allocation of a set of homogeneous decision-making units (DMUs). However, the assumption of homogeneity for DMUs is not necessarily applied in reality. For example, universities with the same input structure cultivate students with different orientations; power plants consume different resources to generate electricity. Therefore, how to handle nonhomogeneous DMUs in inverse DEA becomes an issue when analyzing the optimization of resource allocation. In this study, an inverse DEA method for nonhomogeneous DMUs under constant returns to scale (CRS) is proposed to handle the aforementioned issue. Furthermore, the inverse DEA method for nonhomogeneous DMUs is extended to the case of variable returns to scale (VRS). The adjustment range of inputs-outputs under VRS is discussed to avoid the problem of infeasibility, and relevant properties of our method are proved. Moreover, the effect of frontier changes on the proposed method is also discussed. Finally, numerical examples are provided to illustrate the effectiveness of our method.

Stock Transformation: Understanding the Impact of Stock Split on Company Performance in Indonesia Stock Exchange through Before and After Comparative Analysis

The study delves into the differences in stock price, trading volume activity, and security return variability of stock splits policy, which is a corporate action where companies increase the number of outstanding shares while reducing their nominal value. This quantitative study analyzed 66 companies listed on the Indonesia Stock Exchange that underwent a stock split between 2017-2022. This research employs the Wilcoxon Signed Rank Test through SPSS 28 to explore the transformation in stock prices, trading volume activity, and security return variability before and after stock splits. The study presents significant findings: (1) there are noticeable differences in stock prices before and after stock splits, (2) trading volume shows variations before and after the corporate event, and (3) there are notable disparities in security return variability before and after stock splits. This study provides valuable insights for investors, analysts, and corporate strategists by examining the complex dynamics of stock splits and their impact on stock prices, trading activity, and security returns

Corporate taxes, partisan politics, and stock returns

This paper studies the effect of partisan politics on stock returns in the U.S. by exploring different measures of corporate taxes. The results support the partisan politics cycle effect on equity returns. The cross-sectional analysis shows that the measures of corporate taxes impact stock returns but only when interacting with partisanship. Moreover, the time-series analysis shows that an investment strategy based on these results provides abnormal returns and that investors only partially anticipate them. The findings are consistent with a cash-flow-based explanation, in contrast with a risk-based explanation, and highlight the relevance of the political orientation of the governments in explaining the variation of stock returns.

Determinants of Technical Efficiency in Cow Milk Production in Kurunegala District: An Application of Data Envelopment Analysis

The aim of this study was to determine the level of technical efficiency scores under the assumptions of both constant returns and variable returns to scales on a sample of 150 cow milk producers in Kurunegala District, Sri Lanka. A structured questionnaire was used to gather the data during 2022 in the study and those data were analysed by Data Envelopment Analysis and Tobit regression model. Results of the data envelopment analysis based on input - oriented reveal that, mean technical efficiency scores estimated for constant returns and variable returns to scales were 0.782 and 0.887, respectively, indicating that substantial inefficiencies occurred in operations among the sample farmers. Further, with respect to returns to scale, out of the 150 dairy farmers, 21 were found to be operating at the constant returns to scale while, 122 and 7 were operating at an increasing return to scale and decreasing returns to scale respectively. Tobit regression model was applied to examine the factors influencing the technical efficiency under the specifications of constant returns to scale, variable returns to scale, and scale effects. The study found that age, sex, family size, credit accessibility, and milking frequency were significantly influence the technical efficiencies in dairy farming. These findings could help to increase the milk production and technical efficiency of cow milk production in the study area.

Pengaruh Halal Atribut dan Citra Destinasi Wisata terhadap Niat Berkunjung Kembali di Kota Padang Panjang

This research was motivated by the researcher's observations regarding intention to return to the Padang Panjang City tourist destination. Where there is a lack of tourist interest in visiting the Padang Panjang City tourist destination again. This research aims to analyze the impact of halal attributes and image of tourist destinations on intention to return to Padang Panjang City. This study has a quantitative descriptive design, with a sample size of 399 respondents determined by applying the Slovin formula and a purposive sampling strategy. A Likert scale questionnaire that has undergone validity and reliability testing is the method used in this study to collect data. Using the SPSS version 26 computation tool, the obtained data was subjected to multiple linear regression analysis. Based on the analysis's findings, inferences may be made about the halal attribute variable (X1) using the t test results, which show a significant influence of halal attributes on intention to return at a significant level of 0.000<0.05. Concurrently, halal attributes (X1) and tourist destination image (X2) have a substantial impact on intention to visit again, according to the findings of the t test for the variable tourist destination image (X2), which has a significant level of 0.007<0.05. The intention to return (Y) variable is influenced by the halal attribute (X1) and tourist destination image (X2) variables by 17.3% and other variables by 82.7%, respectively.

Pengaruh Return On Asset (ROA), Net Profit Margin (NPM),Firm Size Dan Leverage Terhadap Deviden Payout Ratio Pada Perusahaan Indeks LQ 45 Yang Terdapat Di Bursa Efek Indonesia

This study aims to examine the effect of ROA (Return on Assets), NPM (Net Profit Margin), Firm Size, Leverage on Dividend Payout Ratio in LQ 45 Index companies on the Indonesia Stock Exchange for the period 2019-2022. Sampling in this study using purposive sampling technique with a total sample of 18 companies. The analysis methods used in this study are descriptive statistics, classical assumption tests including normality tests, multicollinearity tests, autocorrelation tests, heteroscedasticity tests, and hypothesis testing including multiple linear regression analysis, coefficient of determination, f test and t test. In testing the hypothesis in this study, there are partial and simultaneous results. The results partially show that the variable net profit margin has a positive and significant effect on the dividend payout ratio, and return on assets, firm size, leverage has a negative and significant effect on the dividend payout ratio. While the results simultaneously show that the variable return on assets, net profit margin, firm size, and leverage affect the dividend payout ratio in the LQ 45 Index Company Located on the Indonesia Stock Exchange. Keywords: Roa (Return On Assets), Npm (Net Profit Margin), Firm Size, Leverage, Dpr (Dividend Payout Ratio)

Macroeconomic shocks and stock market returns

ABSTRACT We examine how structural macroeconomic disturbances impact US stock market returns. Our analysis uncovers a significant negative correlation between stock market returns and both systematic and monetary shocks. Our findings indicate that monetary policy shocks exert a substantial influence on US stock market returns. Forecast error variance decomposition of stock market returns shows systematic and monetary shocks explain 95% of stock return variance. An examination of industry-level stock returns indicates industries engaged in essential goods have greater resilience to shocks, indicating a reduced sensitivity to market fluctuations.

When is cross impact relevant?

Trading pressure from one asset can move the price of another, a phenomenon referred to as cross impact. Using tick-by-tick data spanning 5 years for 500 assets listed in the United States, we identify the features that make cross-impact relevant to explain the variance of price returns. We show that price formation occurs endogenously within highly liquid assets. Then, trades in these assets influence the prices of less liquid correlated products, with an impact velocity constrained by their minimum trading frequency. We investigate the implications of such multidimensional price formation mechanism on interest rate markets. We find that the 10-year bond future serves as the primary liquidity reservoir, influencing the prices of cash bonds and futures contracts within the interest rate curve. Such behaviour challenges the validity of the theory in Financial Economics that regards long-term rates as agents anticipations of future short term rates.

Efficiency Assessment and Determinants of Performance: A Study of Jordan’s Banks Using DEA and Tobit Regression

This comprehensive study explored the efficiency landscape of the Jordanian banking industry from 2006 to 2021, utilizing a dual-pronged approach. First, we assessed the efficiency scores of 15 commercial banks, comprising 13 conventional and 2 Islamic institutions, through data envelopment analysis (DEA). Secondly, we investigated the determinants influencing relative efficiency using the Tobit regression model. Our dataset, spanning 240 observations over 16 years, provides a nuanced examination of industry dynamics. DEA, specifically focusing on variable return to scale (VRS), unveils efficiency scores by accounting for scale inefficiencies. The research contributes insights into the operational efficacy of Jordanian banks and provides a robust methodology for understanding efficiency dynamics in the broader financial landscape. The results reveal significant relationships between return on assets, return on equity, GDP growth, and efficiency. Furthermore, it is noteworthy that Islamic banks demonstrate higher efficiency compared to conventional banks. Additionally, non-significant associations were observed with credit risk, bank size, and the ratio of loan loss provision over net income. The findings hold implications for policymakers, industry stakeholders, and researchers aiming to bolster the resilience and competitiveness of Jordan’s banking sector.

Efficiency of Indonesia's Regional Development Banks: Evidence from a Non-Parametric Data Envelopment Analysis Method

This study aims to determine the level of performance efficiency of Regional Development Banks in Indonesia. This study uses Data Envelopment Analysis with a non-parametric Banker-Charnes-Cooper model approach to investigate variable return to scale, variable projections, and panel data regression. Input variables include third-party funds, non-interest expenses, interest expenses, and employee costs, while output variables include loans, interest income, and operating income apart from interest with control variables namely net interest margin, operating costs to operating income, loan-to-deposit ratio, and capital adequacy ratio. The findings show that net interest margin, operational costs on operational income, loan-to-deposit ratio, and capital adequacy ratio have a positive and significant effect on the efficiency of Regional Development Banks in Indonesia. However, we found that on average Regional Development Banks in Indonesia were still not efficient in carrying out their operational activities, although some showed quite good performance in the IRS, CRS, and DRS situations during the observation period which had implications for the performance of Regional Development Banks which was not yet optimal.

Bank stability and robot adoption

ABSTRACT This paper argues that improving bank stability as measured by bank z-scores leads to greater adoption of automation technology. Empirical investigation finds that improving bank stability leads to greater adoption of robots across countries and over time. Instrumental Variable estimation corroborates the finding. Greater bank z-scores implies higher ability of a bank to absorb return variability without going insolvent, implying greater availability of credit for investment. Thereby, providing more finance to firms to invest in automation technology.

Seasonal variation in risk and return trade‐off

AbstractExisting studies show that firms with large macroeconomic risk do not earn higher returns, incompatible with the theoretical predictions of standard economic models. Using a broad set of macro‐related factors, we find the January seasonality of the macroeconomic risk–return relation. Firms with high macro risk deliver higher returns than firms with low risk in January, that is, the positive risk–return trade‐off holds. Conversely, the negative risk–return relation is observed in non‐January months. The seasonal variation in the macro risk–return relation cannot be explained by existing January effects, including the tax‐loss selling, window dressing, and pronounced gambling preference around New Year.

Pengaruh Instagram Ocean Dream Samudra Ancol terhadap Minat Berkunjung Kembali

Alongside the advancement of the period, it is normal that the utilization of web-based media can give different sorts of data to its clients. As well as giving intriguing and inventive data with the goal that it can draw in light of a legitimate concern for the Indonesian individuals to visit Sea Dream Samudera Ancol. This study expects to decide the impact of Instagram advancement on interest in getting back to Sea Dream Samudra Ancol. Specialists utilized quantitative strategies with basic direct relapse investigation helped by the SPSS 22 for windows program and dispersed surveys to 125 vacationers who got back to Sea Dream Samudera Ancol. The aftereffects of this study show that Instagram online media can impact the variable of return to intrigue, which is 68.9% while the excess 31.1% is affected by different factors which are excluded from this review.