Purpose This paper aims to develop an optimal buyback promotion strategy for enterprises, including multibuyback strategy and self-buyback strategy, taking both the consumer's multichannel ...psychological acquisition attributes and remaining market into account.Design/methodology/approach Based on the game theory and Hotelling model, the authors formulate a new model to study the equilibrium of different buyback models, given the utility maximization of the consumers, the profit maximization and the constraint on nondecreasing market share of the enterprises, and the authors conduct comparative analysis.Findings Intuitively, enterprises buying back products of other brands would appeal to some consumers. However, the authors find that after implementing the multibuyback scheme, enterprises may not be able to seize competitors' markets or even lose their original customer base in the context considered in this article counterintuitive. In addition, the size of remaining market share and the consumer's multichannel psychological acquisition affect the choice of buyback promotion strategies. Moreover, after implementing multibuyback scheme, customers with old products subsidize those who receive additional discounts. Finally, the authors point out that the buyback strategy choices of companies with different goal-oriented are diverse.Practical implications This study has a very solid realistic background and provides guidance for enterprises to implement buyback promotion strategies. In addition, the authors unearth new influencing factors to provide a reasonable explanation for different buyback strategies in reality.Originality/value To the best of the authors’ knowledge, this study is one of the first to explore the multibuyback promotion strategy as a new buyback method, where the two influencing factors the authors have not been proposed so far.
Analyzing the Shanghai stock price index daily returns using MF-DFA method, it is found that there are two different types of sources for multifractality in time series, namely, fat-tailed ...probability distributions and non-linear temporal correlations. Based on that, a sliding window of 240 frequency data in 5 trading days was used to study stock price index fluctuation. It is found that when the stock price index fluctuates sharply, a strong variability is clearly characterized by the generalized Hurst exponents
h
(
q
)
. Therefore, two measures,
Δ
h
and
σ
, based on generalized Hurst exponents were proposed to compare financial risks before and after Price Limits and Reform of Non-tradable Shares. The empirical results verify the validity of the measures, and this has led to a better understanding of complex stock markets.
In recent years, researchers have used taxation statistics to estimate the share of total income held by the richest groups, such as the top 10% or the top 1%. Compiling a standardised top income ...shares dataset for 13 developed countries, I find that there is a strong and significant relationship between top income shares and broader inequality measures, such as the Gini coefficient. This suggests that panel data on top income shares may be a useful substitute for other measures of inequality over periods when alternative income distribution measures are of low quality, or unavailable.
This paper examines the relationship between the level of short interest and stock returns in the Nasdaq market from June 1988 through December 1994. We find that heavily shorted firms experience ...significant negative abnormal returns ranging from -0.76 to -1.13 percent per month after controlling for the market, size, book-to-market, and momentum factors. These negative returns increase with the level of short interest, indicating that a higher level of short interest is a stronger bearish signal. We find that heavily shorted firms are more likely to be delisted compared to their size, book-to-market, and momentum matched control firms.
We document substantial time‐series and cross‐sectional variation in branch‐level deposit account interest rates, maintenance fees, and fee thresholds, and examine whether variation in bank ...concentration helps explain variation in these prices. Herfindahl–Hirschman Index (HHI) alone is not correlated with any of the outcome variables. A “generalized HHI” (GHHI) capturing both common ownership (the degree to which banks are commonly owned by the same investors) and cross‐ownership (the extent to which banks own shares in each other), is strongly correlated with all prices, even when we limit cross‐sectional variation in bank ownership to only that predicted by the growth of index funds.
Contexte : Les techniques de reconstruction complexe de la paroi abdominale demeurent un sujet controverse. L'utilisation de treillis biologique ne fait pas non plus consensus dans les cas ...d'infection active et de prophylaxie du sepsis, ni chez les patients a risque élevé. Les differences dans la technologie employee et le coÛt des divers produits sur le marché demeurent considerables. Nous avons cherché a comparer l'efficacité de 2 treillis biologiques couramment utilisés a prévenir la récidive de hernie apres 1 an. Méthodes : Le modele d'étude choisi était un essai clinique randomisé a double insu en 2 bras paralleles auquel ont participé des patients qui subissaient une reconstruction complexe de la paroi abdominale a l'aide d'un treillis biologique dans un établissement de soins quaternaires (de 2017 a 2020). Apres répartition aléatoire, les patients ont reçu le treillis Permacol (réticulé) ou le treillis Strattice (non réticulé). L'indicateur de résultat principal était la récurrence de hernie 1 an ou plus apres la reconstruction initiale. Résultats : Nous avons inclus 94 patients qui, apres répartition aléatoire, ont subi une reconstruction avec 1 des 2 treillis biologiques couramment utilisés ici a l'étude (âge moyen 59,4 ans, écart-type É.-T. 9,9, proportion de femmes 51 %, indice de masse corporelle 32,9, É.-T. 6,8). Nous n'avons observé aucune différence significative entre les groupes (comorbidité, facteurs de risque de récidive de la hernie, taille de la hernie ou profil infectieux). Les taux de récidive des hernies (15 %) étaient similaires dans les 2 groupes (médiane 783 j post-intervention; écart interquartile 119). Nous avons observé un besoin moins fréquent de la technique de séparation des composants dans le groupe (69 % c. 87 %). Tous les autres indicateurs de resultats secondaires étaient comparables dans les 2 bras de l'étude. Selon l'analyse multivariée, la transplantation hépatique (rapport des cotes RC 1,94, intervalle de confiance IC de 95 % 0,33-4,41), l'infection active de la paroi abdominale (RC 2,01, IC de 95 % 0,50-7,01) et des antécédents de plus d'une chirurgie de la hernie (RC 2,68, IC de 95 % 0,41-5,99) seraient des facteurs de risque de récidive subséquente de la hernie; cependant, aucune différence dans les facteurs de récurrence n'a été constatée entre les 2 groupes. Conclusion : Compte tenu des résultats cliniques similaires obtenus avec les 2 treillis biologiques les plus couramment utilisés, les systemes de santé pour lesquels la rationalisation des coÛts est importante devraient choisir le produit le plus économique.
Previous research regarding the role of state-owned shares in fostering private enterprises' green innovation has yielded ambiguous findings, sparking intense debate. This study examines this impact ...and considers the 2013 reform of local officials' promotion assessment mechanism to explore how officials' promotion pressure affects green innovation in private enterprises with expanding administrative boundaries. Examining a research sample of Chinese A-share listed private enterprises covering 2009–2022, the findings uncover an inverted U-shaped relationship between state-owned shares and private enterprises' green innovation. Officials' economic pressure weakens this relationship, while environmental pressure significantly enhances it. Further analyses reveal that the influence of state-owned shares is notably stronger for private enterprises with an entrepreneurial orientation and high level of environmental awareness. Our study makes valuable theoretical and practical contributions in understanding the relationship between officials' dual pressures and private enterprises' green innovation by assessing the influences of the mixed economy on private sector behavior and offering insights for advancing global private enterprises’ sustainability.
•Nonlinear relationship exists between state-owned shares and green innovation in private enterprises.•The transformation of officials' promotion assessment mechanism moderates state-private green innovation ties.•State-owned share's role varies with private enterprises' origin and environmental awareness.
Paying less cash dividend is one type of pledging shareholders' opportunistic behaviour. Previous literature leaves unclear evidence about the impacts of share pledging on such firm-level decisions. ...Using the data of listed firms between 2014 and 2020 in China, we fill this void by examining the relationship between share pledging and cash dividend payouts from the perspective of social trust. Using a Heckman two-stage model, we find that share-pledging firms are less likely to pay cash dividend and the cash dividend payout is negatively related to pledged shares. We employ a hierarchical linear model and find that the level of social trust positively moderates the relationship between share pledging and cash dividend payout. Further, we find the effect is more pronounced for firms with higher free cash flows. The results indicate that social trust reduces the moral risk of pledging shareholders of listed firms in emerging market.
In Search of Distress Risk CAMPBELL, JOHN Y.; HILSCHER, JENS; SZILAGYI, JAN
The Journal of finance (New York),
December 2008, Letnik:
63, Številka:
6
Journal Article
Recenzirano
Odprti dostop
This paper explores the determinants of corporate failure and the pricing of financially distressed stocks whose failure probability, estimated from a dynamic logit model using accounting and market ...variables, is high. Since 1981, financially distressed stocks have delivered anomalously low returns. They have lower returns but much higher standard deviations, market betas, and loadings on value and small-cap risk factors than stocks with low failure risk. These patterns are more pronounced for stocks with possible informational or arbitrage-related frictions. They are inconsistent with the conjecture that the value and size effects are compensation for the risk of financial distress.
The aim of the article is to study effects of reforming the agrarian sector of the national economy and examine the current state of lease land-property relations. The legal support for the agrarian ...reform is analyzed. On the basis of examining fundamental scientific achievements of Ukrainian scientists related to the issue under study, the positive and negative consequences of reforming the agricultural sector are generalized. The state of land use by agribusiness entities in Sumy region is analyzed. The ranking of regions of Ukraine based on the criterion of the maximum land rent is studied. There presented a detailed consideration of the dynamics of the size of rent paid by agribusiness entities in the studied region as well as of the actually paid amount of rent for land and property shares in the sector. The percentage of rent in the structure of other costs and the total amount of the agricultural production expanses is determined.
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