•March 2020 stock market crash triggered by COVID-19.•Natural gas, food, healthcare, and software stocks earn high positive returns.•Petroleum, real estate, entertainment, and hospitality stocks fall ...dramatically.•Loser stocks exhibit extreme asymmetric volatility.•Differential reaction of poorest performers to COVID-19.
This paper investigates the US stock market performance during the crash of March 2020 triggered by COVID-19. We find that natural gas, food, healthcare, and software stocks earn high positive returns, whereas equity values in petroleum, real estate, entertainment, and hospitality sectors fall dramatically. Moreover, loser stocks exhibit extreme asymmetric volatility that correlates negatively with stock returns. Firms react in a variety of different ways to the COVID-19 revenue shock. The analysis of the 8K and DEF14A filings of poorest performers reveals departures of senior executives, remuneration cuts, and (most surprisingly) newly approved cash bonuses and salary increases.
Media coverage and stock price synchronicity Dang, Tung Lam; Dang, Man; Hoang, Luong ...
International review of financial analysis,
January 2020, 2020-01-00, Letnik:
67
Journal Article
Recenzirano
This paper investigates the relation between the extent of media coverage and stock price synchronicity and whether this relation varies across different institutional infrastructures. We document ...three notable findings. First, media coverage is negatively associated with stock price synchronicity, suggesting that the media facilitates the incorporation of firm-specific information into stock prices. Second, a firm's information environment and corporate governance play a moderating role in the relation between media coverage and the synchronicity of stock prices. Third, the synchronicity-reducing effect of media coverage is stronger in countries with weak institutional infrastructures. Overall, our study suggests that media coverage is an important determinant of stock price synchronicity.
•Media coverage is negatively associated with stock price synchronicity.•A firm’s information environment and corporate governance play a moderating role in the media-synchronicity relation.•The synchronicity-reducing effect of media coverage is stronger in countries with weak institutional infrastructures.
In this paper, we expand the understanding of majority acquisitions from the target firm's perspective by testing whether target corporate governance mechanisms can explain the trade-off and outcomes ...between partial-control and full-control acquisitions across eight East and Southeast Asian countries. We find that bidders tend to prefer partial-control acquired targets with more independent directors, powerful CEOs, and higher block-shareholdings regardless of the target country's economic development level. These governance characteristics also lead to a lower likelihood of achieving actual equity acquisitions compared to unmatched ownership outcomes. Our results support the supply-oriented view that targets are generally reluctant to give up corporate control until the activation of a compulsory acquisition clause. Our findings are also robust to variations in the imposed acquisition threshold in each country.
•We examine ownership choices and outcomes in acquisitions across eight ESEA nations.•We expand the understanding of majority acquisitions from the target's perspective.•Bidders prefer partial-control acquired firms with more independent directors.•They also select partial-control targets with powerful CEOs and higher blockholdings.•These governance characteristics lead to a lower chance of achieved equity outcome.
•We examine the cross-country determinants of bidding firm ownership choices.•Broad sample comprises 16,806 acquisitions in 41 emerging markets covering the 2000–2015 period.•Institutional, economic, ...and cultural attributes and differences affect bidders’ equity choices.•Bidders assess such attributes as part of acquisition risk, benefits and likelihood.•The study expands the understanding of imperfect conditions in emerging markets.
We examine the cross-country determinants of bidder ownership choices regarding (i) government quality, (ii) economic freedom, (iii) international trade, (iv) financial development, and (v) cultural distance, in cross-border acquisitions of emerging markets-located targets. The sample comprises 16,806 acquisitions across 41 emerging markets in the 2000–2015 period. We find that the likelihood of a planned (and completed) minority acquisition relative to a majority or full acquisition is higher if the target operates in a country with poorer government quality, inferior economic freedom, stronger restrictions on international trade, lower financial development, and greater cultural distance with the bidder country. Differences in these institutional attributes between bidder and target countries similarly are informative of bidder acquisition decisions. The results suggest that bidders actively assess cross-country characteristics as part of their acquisition planning, including risk, benefits and acquisition likelihood. The findings provide potential mechanisms for countries to further increase foreign investment through cross-border acquisitions.
Many deltas worldwide have increasingly faced extreme drought and salinity intrusion, which have adversely affected millions of coastal inhabitants in terms of lives and property. The Vietnamese ...Mekong Delta (VMD) is considered one of the world's most vulnerable regions to drought and saline water intrusion, especially in the context of climate change. This study aims to assess livelihood vulnerability and adaptation of the coastal people of the VMD under the impacts of drought and saltwater intrusion. A multi-disciplinary approach was applied, including desktop literature reviews, field surveys, interviews, and focus group discussions with 120 farmers and 30 local officials in two representative hamlets of Soc Trang, a coastal province of the VMD. A vulnerability assessment tool in combination with a sustainable livelihood framework was used to evaluate livelihood vulnerability using the five capital resources to indicate the largest effects of drought and salinity intrusion on the migration of local young people to large cities for adaptation. Livelihood Vulnerability Indexes revealed higher vulnerability in terms of the five capitals of coastal communities living in Nam Chanh hamlet compared to Soc Leo. Results of interviews with officials indicated an optimized mechanism between social organizations and local communities before, at the time, and after being impacted by the drought and salinity intrusion. Our findings contribute evidence-based knowledge to decision-makers to enable coastal communities in the VMD and other deltas worldwide to effectively adapt to the impacts of drought and salinity intrusion.
We examine the impact of family control on the cost of raising external funds by family enterprises. Using a sample of Australian publicly listed firms, we find a significantly negative relation ...between cost of newly raised capital and family control. Moreover, we show that this relationship varies with the quality of corporate governance and the quality of firm's information environment. Furthermore, we conduct several robustness checks and consistently find that our main results remain unchanged. Overall, our evidence suggests that family firms have easier access to external financing fostered by family involvement in the ownership and control.
•We examine the effect of target CEO age on the ownership decisions and takeover outcomes.•Bidders prefer partial-control acquisitions of target firms led by older CEOs.•Target CEO age leads to a ...lower likelihood of achieving desired equity.•We verify the relevance of CEO personal characteristics in agency problems for corporate decisions.•The impact of target CEO age on the ownership decisions is stronger in emerging markets.
This paper examines the effect of target CEO age, in association with target corporate governance mechanisms, on the ownership decisions and takeover outcomes in eight East and Southeast Asian countries. The results show that acquirers are more likely to select partial-control acquisitions of target firms managed by older CEOs, and that the impact of target CEO age on the partial-control acquisition propensity is much stronger in emerging markets relative to developed economies. The study further finds that target CEO age leads to a lower probability of obtaining desired equity ownership levels compared to unmatched ownership achievements, controlling for target corporate governance structures. The findings also run robustness checks regarding variations in the compulsory acquisition cut-off in the sample countries. Overall, this paper adds to the growing of mainstream corporate governance literature regarding the relevance of CEO personal characteristics in agency problems for corporate decisions.
Purpose
The purpose of this paper is to investigate the effects of cross-country characteristics on acquirers' target status choice in cross-border mergers and acquisitions across 41 emerging ...markets.
Design/methodology/approach
The paper first reviews the existing literature and develops the related hypotheses, in conjunction with the objectives of this paper. We then describe the data employed, variable measurement and examine the effects of cross-country characteristics on the acquirers' target status choice in cross-border mergers and acquisitions while controlling for firm-level and deal-specific characteristics. The paper continues to conduct the robustness check on cross-country determinants of target status choices using the difference independent variables rather than target country-level variables only.
Findings
This research found that the likelihood of a public firm acquired relative to private one is higher if the target firm is located in countries with stronger government quality, weaker economic freedom, better financial market development and lower cultural distance between the host and home countries. The results suggest that bidders actively assess cross-country characteristics as part of their acquisition planning.
Originality/value
Rather than commonly analysed determinants in the previous research such as firm- and deal-specific attributes, value creation and shareholder protection, this paper indicates that institutional environments and economic conditions are closely associated with acquisition risks and benefits and have direct influences on bidder firms' acquisition bidding planning and target choice decision-making.
The paper aims to promote the growth of party building work in colleges and universities to improve school party organization, team management and strengthen party member ideological construction and ...overall party quality. We design intelligent party member business knowledge learning classrooms using deep learning to improve the quality of party members. First, we develop a convolutional neural network (CNN)-based classroom face recognition system and improve its loss function using the associated theory of the Visual Geometry Group 16 (VGG-16) model. Then, using the Single Shot Multi-Box Detector (SSD), we establish a classroom standing behavior identification system. The experimental results demonstrate that the accuracy rate of the conventional VGG-16 in the face recognition system is 93.5%, while the upgraded VGG-16 is 96.5%, with a 3.2% increase over the baseline models.
Three-dimensional (3D) graphene networks are successfully fabricated on nickel (Ni) foam by the chemical vapor deposition (CVD) technique. Amorphous Ge layer is then deposited on the 3D graphene ...supporting skeleton via the facile radio frequency magnetron sputtering (RFMS) method. The Ge decorated on the 3D graphene (3D Ge@Gr) networks deliver improved electrochemical performance when employed as anode for lithium ion batteries (LIBs), which is obvious superior than the two dimensional Ge nanoelectrode directly coated on the bare Ni foam (2D Ge). Significantly enhanced electrochemical cyclability upon 1500 long-term cycles under the higher current density of 1.2 mA cm−2 is accomplished in the optimized 3D Ge@Gr hybrid electrode. The interconnected 3D graphene with enlarge surface area can not only effectively provide enough space to buffer the volume change of the Ge anode during cycling, but also bring improved electrical/ionic conductivity to promote the electrochemical kinetics, thus eventually bring superb stable cyclability.
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•Successful construction of 3D interconnected graphene interlayer.•Novel binder-free 3D Ge@Gr composites for Li ion battery.•Improvement in cyclability in 3D Ge@Gr composites anode.•Systematic investigations in Li ions storage behaviours.
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