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Asymmetric Information and Dividend Policy in Emerging Markets: Empirical Evidence from Nigeria  [cached]
Godwin Chigozie Okpara
International Journal of Economics and Finance , 2010, DOI: 10.5539/ijef.v2n4p212
Abstract: The study investigated the relationship between asymmetric information and dividend policy in Nigeria. To carryout the research work, the researcher employed the unit root test using the augmented Dickey Fuller test, the Johanson cointegration test and then vector error correction model to ascertain the long-run relationship between the variables. Granger causality test was also used. The researcher found supportive evidence for the dividend signaling theory. Thus, there is a positive and significant relationship between dividend policy and asymmetric information. The Granger causality tests at lag 2 suggested that dividend policy has causal impact on information asymmetry without a reverse or feedback effect. That is dividend policy drives or granger causes information asymmetry.
Asymmetric Information and the Role of Accounting in Emerging Markets Evidences from TSE  [cached]
Javad Moradi,Hashem Valipour,Aida Dowran
Research Journal of Applied Sciences, Engineering and Technology , 2013,
Abstract: This study examines the value relevance (information content) of cash flow and accounting figures in situations where the information is asymmetrical and Compare the relative information content of them to clarify the role of accounting figures in investment decision making and mitigating the agency problems (specifically resulting from the existence of information asymmetry in the emerging markets). Based on testing a sample of 76 firms from Tehran Stock Exchange (TSE) during 2005 to 2011, the results support the priority of accounting figures over cash flows in the market (TSE). On the other hand, when the information is asymmetrical, the accounting figures are still more relevant than the cash flows and have more relative information content. At the same time, in small firms, the value relevance of the accounting figures compared to cash flows is more; while in large firms, the relative content of accounting figures and cash flow figures aren't significantly different.
Asymmetric Effects in Emerging Stock Markets - The Case of Iran Stock Market  [cached]
Seyyed Ali Paytakhti Oskooe,Ali Shamsavari
International Journal of Economics and Finance , 2011, DOI: 10.5539/ijef.v3n6p16
Abstract: In view of the mixed empirical results in the literature, this paper assesses the extent of asymmetric volatility effects in the Iranian stock market as an emerging stock market, using a variety of nonlinear autoregressive conditional heteroskedasticity specifications. Tests based on standardized residuals from a fitted GARCH model suggest a lack of asymmetric effects in the dynamic volatility of the Iranian stock market. Empirical analyses with asymmetric GARCH models also reject the hypothesis of asymmetric volatility, in contrast to most developed and emerging markets. Hence, good and bad news of the same magnitude have similar impacts on the volatility level in the Iranian stock market. The leverage effect modified by inflation advantage and price limit may be the main reasons for lack of asymmetric effect in emerging stock markets.
Are Large Shareholders Conducting Influential Monitoring in Emerging Markets? An Investigation into the Impact of Large Shareholders on Dividend Decisions: The Case of Kuwait  [cached]
Duha Al-Kuwari
Research in World Economy , 2012, DOI: 10.5430/rwe.v3n2p52
Abstract: This paper examines the relationship between large shareholders and dividend payout decisions based on agency theory and investigates whether large shareholders are monitoring effectively. The study uses a panel dataset of 37 non-financial firms listed on the Kuwait Stock Exchange as an emerging market between 1999 and 2003. Random-effects probit models are used to examine the impact of large shareholders, firm size, free cash flows, investment opportunity, business risk, and firm profitability on the dividend amounts firms paid. Large shareholders are disaggregated into three types institutions, governments, and large individual shareholders to determine if they influence the dividend paid. The results suggest that government is the only large shareholder that plays a significant monitoring role on dividend decisions. Furthermore, the results show that government ownership and firm profitability increase the probability of paying dividends, while the leverage ratio decreases the probability. Overall, the findings indicate that companies listed on the Kuwait Stock Exchange pay dividends to reduce agency conflict and avoid exploiting minority shareholders.
Asymmetric Impact of Financial Integration to International Nonsynchronous Trading Effects in Developed and Emerging Equity Markets  [PDF]
KiHoon Jimmy Hong
Theoretical Economics Letters (TEL) , 2014, DOI: 10.4236/tel.2014.47065

This paper investigates the impact of the international equity market integration to the international nonsynchronous trading effects (INTE). The paper finds that the financial market integration would increase INTE, in general, and the impact monotonically decreases over the lag length. However empirical evidence suggests that the increase is asymmetric among developed and emerging markets. Further theoretical investigation reveals that the level of volatility and autocorrelation are positively related to the increase in INTE. The paper concludes that the relatively higher level of volatility and autocorrelation in emerging markets could mitigate the increase in INTE from financial market integration.

An empirical investigation on the effects of asymmetric information and growth opportunities on dividend polices: A case study of private Iranian banks
Fariba Moslehi
Management Science Letters , 2013,
Abstract: Dividend plays an important role on changing profitability in any business units including banking industry. In this paper, we present an empirical survey to study the effect of asymmetric information and growth opportunities on dividend policies among some private banks in Iran. The proposed study of this paper gathers the necessary information from all private banks whose shares are listed in Tehran Stock Exchange over the period 2005-2011. The study uses regression analysis to study the effects of various factors where dividend distribution policy is considered as a function of four independent variables namely spread, bank size, growth opportunity and cash flow. The results of the survey indicate that there are some positive and meaningful relationships between growth opportunity and dividend pay (0.003308), between bank size and dividend pay (0.019497) and between bank size and dividend pay (0.168821).
Emerging Markets for RFID Traces  [PDF]
Matthias Bauer,Benjamin Fabian,Matthias Fischmann,Seda Gürses
Computer Science , 2006,
Abstract: RFID tags are held to become ubiquitous in logistics in the near future, and item-level tagging will pave the way for Ubiquitous Computing, for example in application fields like smart homes. Our paper addresses the value and the production cost of information that can be gathered by observing these tags over time and different locations. We argue that RFID technology will induce a thriving market for such information, resulting in easy data access for analysts to infer business intelligence and individual profiles of unusually high detail. Understanding these information markets is important for many reasons: They represent new business opportunities, and market players need to be aware of their roles in these markets. Policy makers need to confirm that the market structure will not negatively affect overall welfare. Finally, though we are not addressing the complex issue of privacy, we are convinced that market forces will have a significant impact on the effectiveness of deployed security enhancements to RFID technology. In this paper we take a few first steps into a relatively new field of economic research and conclude with a list of research problems that promise deeper insights into the matter.
Emerging Markets and the Pacific Alliance
Luis F. Copertari
Open Access Library Journal (OALib Journal) , 2016, DOI: 10.4236/oalib.1102919
Humanity faces today several challenges, from environmental deterioration to consumerism and a demand from the economy to sustain exponential growth over the long term. A new middle class in emerging markets in Latin America and Asia is gaining purchasing power. The issue of exponential growth is explored as to whether or not it is really sustainable based on a computational experiment. Also, the very idea of money is scrutinized. A new complementary currency called the PAL (for Pacific Alliance dollar) is proposed and the business model is pictured and explained. The way in which such new currency would be valued is illustrated. Finally, the most relevant issues are discussed and some examples of the types of business to promote are considered.
Nutraceuticals as natural healers: Emerging evidences
R Ali, M Athar, U Abdullah, SA Abidi, M Qayyum
African Journal of Biotechnology , 2009,
Abstract: Various components of foods have clearly established strong links with human health and it is learnt that their deficiencies provoke diseases. The epidemiological evidences and modern research in nutrition during the last few decades have elaborated the molecular level of such interactions of specific food constituents with that of the toxicants generated in the living cells to control and prevent many of the diseases. Edible products possessing such fantastic healing capacity due to the presence of more than 700 non nutrients functional food factor (FFFs) are effective and epochal for health promotion, disease prevention and cure. The natural products releasing such superb active components are known as nutraceutical foods. The bioactive constituents of many foods have been identified during the goal oriented scientific studies and are used frequently in community and clinical nutrition. The protective effects of tocotrienols in flax seed oil, the curcuminoids in turmeric, carotenoids in carrots, flavonoids in fruits/vegetables, omega-3 fatty acids in sea foods, allyl-sulfides in garlic and -glucans in mush-rooms/cereals are few common examples to be cited here. Excess saturated fat is attributed to pose adverse effects on many metabolic processes. However, certain components of fats are now postulated for their clinical manifestations, such as the sphingolipids as inhibitors of carcinogenesis, conjugated linolenic acid (CLA) as immunomodulator, and monounsaturated fatty acids (MUFAs) for control of lipid profile. The nuts, although rich in fat are influential in cholesterol lowering in view of their suitable polyunsaturated fatty acid: saturated fatty acid ratio and excess of the presence of MUFAs. Recent emphasis on fat-replacements to introduce low caloric foods, advances in nutritional immunology, stimulating actions of phytochemicals on neuronal diseases have indicated wide spectrum of applications of functional foods both in daily life and in the industry. Some examples of nutraceutical foods, their chemical diversity and mode of actions are part of presentation which is based on consulting several review articles published since 2005.
No-Arbitrage Pricing for Dividend-Paying Securities in Discrete-Time Markets with Transaction Costs  [PDF]
Tomasz R. Bielecki,Igor Cialenco,Rodrigo Rodriguez
Quantitative Finance , 2012,
Abstract: We prove a version of First Fundamental Theorem of Asset Pricing under transaction costs for discrete-time markets with dividend-paying securities. Specifically, we show that the no-arbitrage condition under the efficient friction assumption is equivalent to the existence of a risk-neutral measure. We derive dual representations for the superhedging ask and subhedging bid price processes of a derivative contract. Our results are illustrated with a vanilla credit default swap contract.
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