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Author: 賴興國
Publisher:
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Category :
Languages : en
Pages :
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Author: 賴興國
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Category :
Languages : en
Pages :
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Author: Food and Agriculture Organization of the United Nations
Publisher: Food & Agriculture Org.
ISBN: 9789251046296
Category : Business & Economics
Languages : en
Pages : 108
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Contents: Dirt poor: poverty, farmers and soil resource investment/ by Leslie Lipper; Methodological issues in analysing the linkages between socio-eocnomic and environmental systems/ by Dan Osgood and Leslie Lipper. Includes 1-page abstracts in French, Spanish and Arabic
Author: Hailan Zhou
Publisher:
ISBN:
Category :
Languages : en
Pages : 236
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Author: Jie Zhu
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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In my dissertation, I study factors that influence investments from either corporate or institutional perspective. First, I examine the sensitivity of corporate investment to internally generated cash flow and its pattern of change over time across countries. Second, I investigate how a firm's customer profile can shape its ownership structure of institutional investors. Existing studies have documented a puzzling disappearance of investment-cash flow (ICF) sensitivity in the U.S.. In the first chapter, I explore whether economic and financial development can explain the extent of a country's ICF sensitivity and its evolution through time. I find that, in aggregate, ICF sensitivity has also faded around the world; yet it has remained high in countries with low economic and financial development. Further, I find that the access to external finance, especially equity finance, is a key channel through which country-level development affects the sensitivity of investment to internal cash flow. In more developed countries, external finance has become more accessible for firms when their internal cash flow is insufficient, thereby reducing their reliance on internal cash flow. The results indicate that once a country advances to a certain degree of financial and economic development, it becomes more efficient in allocating resources and therefore financial constraints at the individual firm level become less binding. A growing literature has documented different financial implications of a concentrated customer base. In the second chapter, I examine how customer concentration affects institutional investors' investment decisions. I find that a firm's customer concentration tends to attract different groups of institutional investors, depending upon their investment horizons. Specifically, those institutions who trade actively (short-term) would buy the stocks of firms with a more concentrated customer base. Conversely, those institutions who trade less actively (long-term) would buy the stocks of firms with a less concentrated customer base. While the preference of long-term investors is supported by the increased risk associated with the dependency on a few large customers, I find that the improved stock liquidity is the channel through which a concentrated customer base attracts short-term investors. Further, my findings cannot be explained by information transfer along the supply chain.
Author: Ward R. Kangas
Publisher: Universal-Publishers
ISBN: 1581120044
Category : Business & Economics
Languages : en
Pages : 144
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Based on data on publicly traded insurance firms, the first essay examines questions about the effect of large catastrophic events on insurance firms. Rather than looking at a single event, thirty catastrophic events were aggregated into quintiles and the cumulative abnormal returns around these events were found to be significantly positive over a 25 day trading window. There is no significant evidence that post-catastrophic stock returns are correlated to the magnitude of the catastrophe. The second essay analyzes the effect of a large land grant university, the University of Illinois, on the State Treasury of Illinois. If the State Treasury were acting as its own agent trying to maximize revenues, would it choose higher education as an investment versus other alternative investments. While it is true the State makes large expenditures for the operations of the University, it is also true that individuals receiving degrees on average receive higher incomes. Taxes or higher incomes offset the cost of operating the University. The study is broken out by the level of student: undergraduate, masters, doctorate, medical professional, and by function of the University. It was found that all levels of education have a positive return not only for the individual, but also for the State Treasury. This is in excess of any non-pecuniary benefits to the State of having a better educated population, or the local taxation effects on the county or city where the campus is located. These returns are found to be higher than other types of investments.
Author: Jian Huang
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Author: Yao Yao
Publisher:
ISBN: 9781361315545
Category :
Languages : en
Pages :
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This dissertation, "Essays on the Investment Effect" by Yao, Yao, 姚瑶, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: The thesis consists of two essays on the investment effect. The first essay is an international examination of the investment effect, and the second essay explores the rationale behind the investment effect based on U.S. data. A growing body of finance literature has documented an investment effect that firms making larger investments earn lower future stock returns. While the negative relation between corporate investments and future stock returns is well accepted, it is in a great debate for why an investment effect exists. Two major hypotheses are proposed to account for the investment effect, mispricing and rational pricing. The mispricing hypothesis focuses on market participants' irrational behavior, including managerial overinvestment and investors' extrapolation of past firm performance. The rational pricing hypothesis, however, centers on examinations of the q theory. Under the q theory, the net present value of potential projects can be high if either the future marginal productivity is high or the future discount rate is low. As a result, for a given level of future profitability, firms making large (small) investments are likely to be those with low (high) discount rates. This predicts low (high) stock returns following large (small) capital investments. The first essay tests the q theory explanation for the investment effect using international data. I show that the investment effect exists across international markets and differs substantially across countries. I find a stronger investment effect in countries with better corporate governance, lower limits to arbitrage, and more developed equity markets. I construct a composite Q index, based on corporate governance, limits to arbitrage and market development, to separate countries with a strong investment effect from the rest. The empirical results are consistent with the q theory explanation for the investment effect. The second essay investigates the relation between the investment effect and intangible returns, as well as external financing, in the U.S. market. Extending the model in Daniel and Titman (2006), I operationalize an empirical design of log-linear decomposition of the book-to-market ratio. Using a three-period empirical model, I examine the relations among intangible returns in period one, real investments and external financing in period two, and stock returns in period three. The empirical evidence suggests no additional explaining power of investments for future stock returns, when contemporaneous external financing and prior intangible returns are controlled for. The abnormal return patterns associated with real investments documented in prior studies are consistent with, and part of, the broader return pattern that characterizes the value/growth anomaly. I show that these findings are consistent with the q theory, but inconsistent with the mispricing story. DOI: 10.5353/th_b5043432 Subjects: Investments
Author: Joonghyuk Kim
Publisher:
ISBN:
Category :
Languages : en
Pages : 250
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Author: Sen Li
Publisher:
ISBN:
Category :
Languages : en
Pages : 248
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Author: Haibin Brett Jiu
Publisher:
ISBN:
Category :
Languages : en
Pages : 268
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