Engineering OA Books Collection
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Browsing Engineering OA Books Collection by Subject "Business & Productivity Software"
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Item A Comparative Abnormal Return Analysis Of Mergers And Acquisitions In The Emerging Markets(Intechopen, 2023) Irem SevindikFinancial crisis originated in developed countries in 2008 and has affected M&A activities worldwide. This impact may have irreversible results in emerging market economies. This study aims to examine the spillover effects of 2008 economic crisis, started in developed countries, in emerging markets. In this manner, we have analyzed M&A activities from the acquirer firms' side in BRICs-T countries (namely, Brazil, Russia, India, China, south Africa, and Turkey) for banking industries in pre-and postcrisis periods so that effects of economic crisis can be captured. significant transactions over $100 million are included in the analysis. Event study methodology, which uses daily market index returns, daily stock returns, and M&A announcement dates to calculate abnormal returns, is employed for the analysis. The cumulative abnormal returns (CARs) are calculated for september 2003-November 2008 (precrisis period) and November 2008-December 2013 (postcrisis) periods. In conclusion there are negative mean CARs in Brazil, India, and Russia, while there are positive mean CARs in China, south Africa, and Turkey in precrisis period. In addition, there are negative mean CARs in south Africa, Brazil, and China, while there are positive mean CARs in Russia, Turkey, and India in postcrisis period.Item Analysis Of Financial Losses Due To Poor Adherence Of Patients With Chronic Diseases And Their Impact On Health Economics(Intechopen, 2023) Adina Turcu-StiolicaPharmaceutical drugs—prescription drugs, not over-the-counter drugs—have prices that are negotiated between pharmaceutical companies and National Ministry of Health or national agency for medicines or national health insurers in every country. Prescription drug expenditures have increased every country's healthcare costs. Medication adherence (defined as not obtained refills of prescriptions or suboptimal dosing of prescribed drugs) is a growing concern to physicians and healthcare systems because of the multiple evidence of noncompliance among patients and correlated adverse outcomes. A patient is considered adherent if he/she takes 80% of his/her prescribed medicine(s). Different studies showed that patients do not take their prescribed medicines about half the time. Financial losses due to poor adherence are the result of unnecessary time-consuming work and costs for potential harm to patients. Hospitalization rates are reduced at higher levels of medication adherence. There are two types of financial losses due to poor treatment adherence: medical costs (measured by hospitalization risk) and drugs costs (without patient copayments). This financial loss analysis underlines the promotion of medication adherence by the patients.Item Bitcoin And The World Of Digital Currencies(Intechopen, 2023) Asma SalmanA peer-to-peer system of blockchain, originally started for a cryptocurrency Bitcoin, has caused major disruptions in the stock market. It has affected many businesses if not all, but its significance in the financial world is magnanimous. Historical data (daily rates) for the past 23 months are analyzed to understand the market size, market capitalization and price volatility for Bitcoin. Time series data and financial model are applied to realize the shocks. Monte Carlo simulation is applied to assess the dynamic structure of Bitcoin. With greater volume and activity, the banks and financial intermediaries may become outdated, and the middleman will have no place. It seems like a distant thought, but the facts are pointing toward its reality.Item Comparison Of Capm, Three-Factor Fama-French Model And Five-Factor Fama-French Model For The Turkish Stock Market(Intechopen, 2023) Yasar ErdincIn this study, I try to test the capital asset pricing model (CAPM), three-factor Fama-French (3F-FF) model and five-factor Fama-French (5F-FF) model for the Turkish stock market. The sample is from June 2000 to May 2017. My results show that the five-factor model explains better the common variation in stock returns than the three-factor model and capital asset pricing model. Moreover, the CAPM has no power in explaining monthly excess returns of sorted portfolios. Although three-factor model seems to have significant coefficients, intercepts in this model have significant t-values indicating that the model has problems in explaining the portfolio returns. I use equal weight market portfolio for all the models in order to explain the cross-sectional variations in the stock returns.Item Comparison Of Selected Market Indicators During The Dot-Com Bubble(Intechopen, 2023) Wladimir Schubertsince the outbreak of the recent financial crisis in 2007, central banks around the world have lowered interest rates while stock markets soared. on the example of North America, Europe, and Asia and in particular the United states, Germany, and China, the situation as of December 2015 is compared on the basis of economic theory and selected key performance indicators to the United states dot-com bubble in the nineties years of the twentieth century. Literature review offers a complex general view on the issue of market bubbles with a historical review of the situation in 2007 and 2008. The only indication of a bubble can be found in the China securities Index 300, more specifically in the technology sector. The further aim of the paper is related to analyse and compare returns of the explored indices among the regions and the sectors. on a broader level, the study finds that even though there are similarities, the current rise in indices does not qualify for an asset price bubble. Conclusion sums all the observed findings on both the levels - regional and national. Also, it offers suggestions for discussion about the situation on the markets after the financial crisis.Item Corporate Governance And Financial Performance In The Emerging Markets(Intechopen, 2023) Naz SayariWe investigate the impact governance standards have on financial performance of firms operating across various political and socioeconomic regimes. specifically, we examine the performance of non-cross-listed emerging market firms that implement corporate governance standards similar to those mandated of firms listed on Us exchanges. Using cross-sectional time-series analysis, we find that a more rigorous corporate governance structure is associated with better performance (as measured by return on assets (RoA)) among non-cross-listed firms. Cross-listed firms, whose common stock trades as American Depository Receipts (ADRs) and who are subject to the same listing requirements as domestic Us firms, exhibit no evidence of improved performance. We also find that the positive performance effect of improving corporate governance is mitigated among firms with higher market risk (i.e., beta).Item Financing Of Working Capital Requirement And Profitability(Intechopen, 2023) Burcu DincergokThis study investigates the relationship between the maturity of debt used to finance working capital requirement and profitability. The firms in Borsa Istanbul chemical, petroleum, rubber, and plastic sector are analyzed using two-step generalized method of moments (GMM) method over the 2005-2015 period. The results show a concave-shaped relation between the short-term financial debt that is used to finance the working capital requirement and profitability. The ratio of short-term financial debt increases profitability up to a point, and over this point, the effect of short-term debt on profitability is found to be negative. Furthermore, for financially flexible firms, the breakpoint of the short-term financial debt and profitability relation occurs at the higher levels of the short-term financial debt-to-working capital requirement ratio.Item Ownership And Debt Financing(Intechopen, 2023) Razali HaronThis study examines whether ownership concentration influences debt financing of firms in Indonesia. Known to be dominated by family owned, firms in Indonesia seem to have certain distinctive characteristics that are evidenced to have significant impact on their debt financing. Apart from the common firm-level determinants, ownership concentration does play an important role in determining the level of debt consumption of the firms. It is revealed that ownership concentration impacts the debt financing positively, reflecting the power and authority of the large controlling shareholders in using debt as controlling mechanism on the entrenched managers. The positive relationship may also be explained by the reluctance of large shareholders to engage with equity financing as to avoid ownership dilution and thus can maintain the control of the firms. In terms of ownership identity, however, family firms in Indonesia seem to consume much lesser debt level due to the alignment of interest between shareholders and managers, which makes issuing debts as manager's disciplinary tool less crucial for family-owned firms. This study contributes to the literature by offering insights on how ownership concentration and family-owned firms decide on their capital structure and how certain distinctive characteristics of the firms influence the financing decision.Item Performance Stability Of Turkish Reits(Intechopen, 2023) Sema BayraktarThe main purpose of this study is to analyse the performance stability of REIT Index and individual REITs over different sub-periods. The performance of the REITs is compared to mainly that of BIsT 100 Index. For analysing the performance stability, three different risk-adjusted measures, namely sharpe ratio, Treynor ratio and Jensen's alpha, are employed for four different periods. These periods are determined with respect to important regulatory changes in the Turkish REIT market and also to economic states of the country. The results show that Treynor and sharpe ratios rank the REITs consistently for the high-growth periods. However, the rankings are not that consistent in low-growth periods and even they may contrast significantly. The results also show us that regulatory changes almost have no impact on the performances of the REITs. on the other hand, time-varying behaviour of betas also makes it difficult to attribute the changes in performances to states of economyItem Review Of Tax Shield Valuation And Its Application To Emerging Markets Finance(Intechopen, 2023) Tomas KliestikDue to the existence of tax-deductible expenses, a tax advantage, called tax shield, arises. The aim of the chapter is to identify and define the well-known approaches associated with tax shield, mainly interest tax shield and to analyze the approaches to quantify the present value of interest tax shields. Finally, we identify those that can be used in the conditions of emerging markets.Item Testing The Information Efficiency In Emerging Markets(Intechopen, 2023) Ceyda Aktanone of the most common issues for investors regarding markets nowadays is to what extent these markets are efficient as all of them aim to increase their gains and beat the market as much as possible. This competition among them will inevitably result in markets becoming efficient and, therefore, prices quickly adjusting to the new coming information. Eventually, investors will most probably receive only a sum that makes up for the risk they took and the time value of money they invested. This is where market efficiency, its theory and forms come into question. There have been many researches conducted assessing the efficiency of different markets located throughout the world. However, there are still a lot of gaps in research involving emerging economies which needs to be completed for the sake of investment decisions. Therefore, the purpose of this chapter is to is to show how information efficiency relates to the stock markets of emerging economies, how it implicates investors, analyze the stock prices of 24 emerging economies to look for their weak form efficiency, and to put forward a set of commonalities found in results of literature relating to emerging market information efficiency.Item The Impact Of Exchange Rate Uncertainty On Domestic Investment(Intechopen, 2023) Bilge CanbalogluThis study attempts to suggest empirical evidence about the impact of exchange rate uncertainty on the domestic investment for 25 emerging markets and developing economies (EMDEs) for the time line covering the years between 2004 and 2014. Exchange rate uncertainty is modeled by selecting one of the volatility models of GARCH(1, 1), EGARCH(1, 1), or GJR-GARCH(1, 1) for individual countries. The study aims to offer a broad point of view about the impact of exchange rate uncertainty on domestic investment through a feasible generalized least square panel data model by deeming the economic growth, real interest rate, and 2008/2009 global financial crisis (GFC). The empirical results show that the impact of exchange rate uncertainty on domestic investment for EMDEs is found to be positive and significant, which may indicate the existence of risk neutral or insensitive domestic investors to exchange rate uncertainty in these countries. on the other hand, the study also proves that the effect of economic growth is positive and significant on domestic investment, whereas the impact of GFC on domestic investment is negative and significant. However, the impact of real exchange rate on domestic investment is found to be negative but insignificant.