stock market liquidity and the cost of raising capital

... research on the impact of the number of infection cases on the stock market in US, Italy, Spain, Germany, France, Iran and South Korea and revealed that the number of infection cases and stock market ... gold, and stock markets for ASEAN, and even ASEAN+3 markets Moreover, a limited number of recent studies have just discovered the impact of the COVID-19 epidemic on the stock market, leaving the ... price and stock price, and positive relationship between crude oil and stock prices Besides, the emergence of the unprecedented COVID-19 pandemic, affecting and changing various economies across the

Ngày tải lên: 05/12/2023, 19:19

... toillustrate the relationship found between stock market liquidity and the business cycleas liquidity clearly worsens (illiquidity increases) well ahead of the onset of the NBERrecessions ∗Randi Næs ... is the quoted spread (the difference between the best ask quote andbid quote) as a fraction of the midpoint price (the average of the best ask quote and bidquote) and measures the implicit cost ... stock and bond market illiquidity (seee.g S¨oderberg (2008) and Goyenko and Ukhov (2009)), while there is no effect of shocksto real economic variables on stock market illiquidity On the other hand,

Ngày tải lên: 25/08/2024, 06:46

... Appendix to ? ?Stock Market Liquidity and theRandi Næs, Johannes A Skjeltorp and Bernt Arne Ødegaard This Internet appendix contains additional material to the paper ? ?Stock Market Liquidity and the BusinessCycle.” ... LOT and ILR )The table shows the results of Granger causality tests between real GDP growth and the illiquidity of small and large firmsfor the two different illiquidity proxies Both ILR and LOT ... Granger cause market illiquidity and then whether market illiquidity does not Granger causereal GDP growth We report the χ 2and p-value (in parenthesis) for each test We choose the optimal lag

Ngày tải lên: 25/08/2024, 06:46

... with the data Mann and Waisburd thank the Charles Tandy American Enterprise Center, and the Luther King Center for Research in Financial Economics Stock Liquidity and the Value of a Designated Liquidity ... (eliminates 37 stocks) (5) the stock must trade exclusively in either the continuous or the call auction throughout the analysis period (eliminates stocks) The final sample consists of 56 stocks Of these, ... Change in market quality is either measured as the change in market liquidity (RV or LR), or as the change in execution costs for the Liquid sample and the extent of market failure for the Illiquid

Ngày tải lên: 13/12/2018, 16:08

... findings of the study Link between Oil and Stock Market One of the most important factors for understanding fluctuations in stock prices is the changes in the price of crude oil A large body of literature ... and 10% 6.2 The Granger Causality Test of the MODWT MRA Coefficients of GCC Stock Markets and Oil Table (3) presents the result we got for Granger causality test between oil and each of GCC stock ... 5.2 The Wavelet Correlation of Stock Markets and Crude Oil For the results of wavelet correlation for oil and GCC countries’ stock market returns see Appendix A1 Overall, our results show that stock

Ngày tải lên: 26/03/2020, 04:09

... Open Access The rate of the molecular clock and the cost of gratuitous protein synthesis Germán Plata 1,2 , Max E Gottesman 3,4 , Dennis Vitkup 1,5* Abstract Background: The nature of the protein ... determined as the regression line slope of time and the logarithm of OD600. SDS-PAGE and western blotting The equivalent of 200 μl of cells at an OD600 of 0.7 was collected by centrifugation and lysed ... as the WT protein. Because the misfolded LacZ pro- teins are both potentially toxic and also devoid of biologi- cal function, the comparison of the growth rates of bacteria carrying the WT and

Ngày tải lên: 09/08/2014, 22:23

... on the cost of debt: results indicate that the higher the level of ERM in a firm, the higher the cost of debt. Because their hypothesis about the cost of debt is unsupported, they call for further ... depending on the riskiness of its cash flows, they may reward the implementation of ERM with a lower cost of capital. A lower cost of capital would increase the profitability of the firm because projects ... focus of their study. It may not be appropriate for the cost of debt measure. o The choice of a one-year lag between the measurement of ERM and the cost of debt, based on meaningful results with the

Ngày tải lên: 03/10/2015, 21:58

... the other, which would alter the relative prices of shars until the WACCs become equal ? ?The level of gearing is therefore irrelevant to the WACC and the value of the firm 19 The The Cost Cost ... the relative prices of shars until the WACCs become equal The level of gearing is therefore irrelevant to the WACC and the value of the firm 19 The The Cost Cost of of. .. ... (NPV) (NPV) isis the the difference difference between between the the present present value value of of aa future future cash cash flow flow and and the the initial initial cost cost of of the the investment investment project; project;

Ngày tải lên: 04/10/2015, 20:08

... reconciling the disparate trends in the volatility of real activity and the stock market The divergence between the behavior of fundamental news and return news shocks within the context of the CCH ... in the volatility of consumption growth affects the volatility of the stock market in the CCH model I consider the variant of CCH in which a share of stock is a... effect of ... to the product of the 30 slope parameter and the volatility of the state, As a result, the volatility of the (log) price dividend ratio, and hence the volatility of return

Ngày tải lên: 06/12/2015, 20:45

... Needed Control Control Marketing Marketing Plan(s) Plan(s )and andProgram Program Marketing Marketing Planning Planning Implement ImplementMarketing Marketing Plan(s) Plan(s) and and Program Program ... Strategic Market Planning and the Evaluation of Marketing Opportunities For use with Shapiro, Wong, Perreault, and McCarthy texts Copyright © 2002 McGraw-Hill Ryerson Limited The Marketing Management ... Perreault, and McCarthy texts Copyright © 2002 McGraw-Hill Ryerson Limited Elements of a Firm’s Marketing Program Target Market + Marketing Mix = Marketing Strategy + = Time-Related Details and Control

Ngày tải lên: 18/01/2020, 21:27

... The results reveal that stock market enhances the growth of the economy and conclusions drawn is that the government needs further reform of the stock market and needs to further strengthen the ... countries in the nearest future because of the relationship between their stock markets and growth of the economies (O’Neil, 2001) However, the size and performance of the stock market in the individual ... stimulate trade in stocks and increase the stock market development To enhance the growth and development of the emerging markets, the markets must encourage the development of more specialized

Ngày tải lên: 29/05/2020, 10:23

... investigate the extent to which the drivers of the cost of equity capital vary across the EMU, the US and the UK We find that the drivers of the cost of equity in the EMU are different from the US ... analysis of the impact of existing and proposed regulation on cost of equity capital The analysis sheds lights on the extent to which the cost of equity of banks and the pricing of risk in the Eurozone ... increase in the proportion of equity, the most expensive form of capital, will increase the cost of equity capital and probably increase the funding costs Fifth, the cost of equity capital seems

Ngày tải lên: 01/02/2020, 21:53

... mainly on the power of market, while the second one is to emphasize the efficiency of internal resources .The former view of business strategy, namely ? ?the paradigm of market power”, is seenas the conventional ... and services, the level of power that suppliers possess, the capacity of entry into market, and the level of existing competition (Porter, 1980) These forces are stronger meaning that the profitability ... Besides, the findings of the dissertation also give helpful evidence to shed new light on some important theories such as the resource-based theory, the intellectual capital theory and the knowledge-based

Ngày tải lên: 08/04/2024, 16:55

... elements The second involves the calculationofIC’svaluethroughcomputingthedifferencebetweenthemarketcapitalization and the book value of the equity The third uses the ROA indicator to calculate the ... and services, the level of power that suppliers possess, the capacity of entry into market, and the level of existing competition (Porter, 1980) These forces are stronger meaning that the profitability ... mainly on the power of market, while the second one is to emphasize the efficiency of internal resources .The former view of business strategy, namely? ?the paradigm of market power”, is seenas the conventional

Ngày tải lên: 08/04/2024, 16:55

... trúc và vốn quan hệ (ví dụ: Andriessen và Tissen, 2000; Nielsen và cộng sự, 2006; G Roos và Roos, 1997; Stewart và Ruckdeschel, 1998; Sveiby, 1997; và những người khác) Theo đó, vốn con người chủ ... trong các ngân hàng không thể bỏ qua yếu tố then chốt này trong việc xây dựng chiến lược kinh doanh của mình 2.3 Phương pháp đo lường hiệu quả vốn trí tuệ Theo Bayraktaroglu và cộng sự (2019) và ... 2019) Theo Ståhle và cộng sự (2011), cách tiếp cận của Pulic dường như có xu hướng tập trung chủ yếu vào các khía cạnh về vốn nhân viên và hiệu quả sử dụng vốn tài chính của một công ty Vì vậy, theo

Ngày tải lên: 08/04/2024, 16:56

... perspective is tofocus mainly on the power of market, while the second one is to emphasize the efficiency ofinternal resources The former view of business strategy, namely ? ?the paradigm of market power”, ... the level of power that buyers have, the level of substitutes for both products andservices, the level of power that suppliers possess, the capacity of entry into market, and thelevel of existing ... computing the difference between the marketcapitalization and the book value of the equity The third uses the ROA indicator tocalculate the average annual earning springing from intangible assets The

Ngày tải lên: 27/05/2024, 18:03

... that the cost of capital of the firm depends on four factors: the risk free rate, the aggregate risk tolerance of the market, the expected cash flow of the firm, and the covariance of the firm’s ... simply the contribution of firm j’s cash flows to the aggregate risk of the market divided by the term Nτ, which is the aggregate risk tolerance of the marketplace. The price of the market ... findings and concludes the paper. 2. Model and Cost of Capital Derivation We define cost of capital to be the expected return on the firm’s stock. Consistent with standard models of asset...

Ngày tải lên: 06/03/2014, 21:20

... audit firms is compared to the cost of capital of Big-audit firms in terms of the expected effect of the level of audit quality provided on the cost of capital. The cost of capital is split into ... higher costs of capital, where the information risk concerns the uncertainty of information used or desired by investors to price the expected cost of capital. The cost of capital for clients of ... component is the cost of debt, and the second component is the cost of equity. The results show that clients of Second-Tier audit firms incur cost of debt that is higher than the cost of debt incurred...

Ngày tải lên: 03/06/2014, 02:15

... crisis, the collapse of Japan Inc. after the stock market crash of 1990, the Asian crisis of the mid-1990s, the fabulous technology boom/bust cycle at the turn of the millen- nium, and the unprecedented ... wit- nessed the 1987 stock market crash, the S&L crisis of the early 1990s, the Long-Term Capital Management meltdown, and the spectacular technology boom and bust dynamic of the late nineties. ... incor- rectly, that there was no theoretical justification for the visible hand of government to come to the rescue of banks and other financial institutions. Finally, the marginalization of Minsky also...

Ngày tải lên: 20/06/2014, 20:20

... items and their cost included in the utility cost section of the operating costs. The steam cost was based on the capital and operating costs of a gas-fired boiler, which includes natural gas cost. 5) ... in the capital cost of the facility. This makes the capital costs lower than the $1.25-$1.50 noted earlier. The total capital investment has been developed from the equipment costs through the use ... feedstock is the most expensive raw material by far. A yield of 72 gallons of fuel ethanol per dry ton of corn stover was calculated from the model. At a cost of $35 per dry ton, the cost of the...

Ngày tải lên: 22/02/2014, 05:20