Does financial news predict stock returns? New evidence from Islamic and Non-Islamic stocks

The paper extends the time-series financial news data set constructed by Garcia (2013) and uses it to examine whether financial news predicts returns of Islamic stocks differently compared to non-Islamic (conventional) stocks. We find that they do. First, while both positive and negative worded news predict most Islamic and conventional stock returns, positive words have a larger impact on both types of stock returns. Second, shock to returns from financial news reverses only in part for some stocks. Third, for a mean-variance investor, investing in Islamic stocks is relatively more profitable than investing in the corresponding conventional stocks. Fourth, we show that profits are robust to a range of time-series risk factors, namely, market risk, size-based risk, and momentum-induced risk.

Aid for trade: a critical analysis

Assessing the Impact of Foreign Aid: Value for Money and Aid for Trade provides updated information on how to improve foreign aid programs, exploring the concept and practice of impact assessment within the sometimes-unproblematic approaches advocated in current literature of value for money and aid for trade. Contributors from multi-lateral agencies and NGOs discuss the changing patterns of Official Development Assistance and their effects on impact assessment, providing theoretical, political, structural, methodological, and practical frameworks, discussions, and a theory-practice nexus. With twin foci of economics and policy this book raises the potential for making sophisticated and coherent decisions on aid allocation to developing countries.

Student perspectives on first year experience initiatives designed for preservice teachers in their first weeks of university study

All rights reserved.Universities throughout Australia are increasingly investing significant amounts of time and money in efforts to improve the quality of first year students’ experiences and, by extension, increase retention, performance and student satisfaction. This paper reports upon a pilot research project conducted at a Queensland university that investigates student understandings of, and reactions to, a range of initiatives put in place to enhance their "first year experience". The research showed that students had mixed reactions to the initiatives put in place to support them and that staff played a vital role in terms of how students responded to various forms of institutional support. In analysing the results the paper demonstrates the need for ongoing research into how a diverse cohort of students make sense of the first year experience they are offered.

Perpetual debt valuation: the net present value myopia

Would you prefer to receive a fixed rent for a period of 50 years, 75 years or perpetually? Well, if you have chosen the perpetual option, you are absolutely right. However, when considering a mathematical and financial approach, they may all end up roughly the same whenever the Net Present Value (NPV) is approximately identical. It makes common sense to choose the perpetual option even if the NPV exhibits myopia when computing the discount value of a fixed yearly rent. After a certain period, the discount value becomes approximately the same even when adding more yearly fixed rents. Corporations and governments issue perpetual bonds while recognizing these may not represent a very good financing strategy and thus implying that most of these issues are either callable or convertible on the issuer’s request. In approaching the existing perpetual debt related NPV myopia, this paper holds two main goals: firstly, we intend to study the behaviours of perpetual debt yields against other perpetual instruments and, secondly, we consider the financial methods for assessing the value of money before proposing a formula adjustment that might serve to overcome default NPV when evaluating fixed rents in perpetuity.

Digging Deeper than Platinum: South Africa's Participation in an Emergent Fuel Cell Industry

Thesis (Master, Environmental Studies) -- Queen's University, 2016-09-09 11:52:31.446

Utformning av tak och möjligheter med automation av takstolstillverkning i trä

Purpose: The purpose of this work is to increase the possibilities of designing building components for specific demands to increase the building’s value, and to investigate how the possibilities can be affected by automating the production process. Method: The theoretical framework, which this study is based on, was collected using literature studies and was thereafter combined with the empirics, which were retrieved from qualitative methods as interviews and planned observations. A case study was made of the building Ormhuset in Jönköping. Findings: The objective of this work is to investigate the possibilities for designing roofs by using new automation methods for the production process of wooden roof structures. This study implies that parametric design can be used to generate new innovative shapes and designs that are optimised according to specific criteria. Furthermore, an increased use of automation in the production process of wooden roof trusses result in cheaper roof trusses, regardless of their shapes. The generated optimized designs are therefore cheaper and easier to produce using more automation in the production process. Implications: If parametric design is used, almost any kind of shapes can be generated and optimised. To ensure manufacturability of a design, an early connection between architect and manufacturer is important. Furthermore, increased use of automation can lead to easier and faster production of roof trusses and investing in more automation can be relevant for companies with large production volumes. Using digital files to control the manufacturing machines is time saving. There are alternative manufacturing methods for advanced roof structurers in wood, which are better suited for production, which cannot be rationalized as for roof trusses. Constraints for increased automation are often a high investment cost and limited space. Limitations: If the study is performed on another case than Ormhuset and with other respondents, the result might have differed but could be similar, why this study is not generally valid but only shows one possible outcome.

Heritage diplomacy and Australia’s responses to a shifting landscape of international conservation

The economic and political shifts that together constitute contemporary globalisation are opening up new spaces for non-Western modes of heritage governance in the international arena. Perhaps most notable here is the so-called rise of Asia, wherein a growing number of countries are investing heavily in a range of institutions and initiatives designed to provide cultural sector aid across the region. These new forms of heritage diplomacy hold significant implications for the governance of heritage at the global level, such that they promise to unsettle those structures and norms which emerged from Europe and North America and stabilised internationally over the course of the twentieth century. The paper explores such changes and some of the ways the Australian heritage conservation sector might respond to this rapidly shifting landscape of heritage diplomacy.

Progress achieved in restricting the marketing of high-fat, sugary and salty food and beverage products to children

In May 2010, 192 Member States endorsed Resolution WHA63.14 to restrict the marketing of food and non-alcoholic beverage products high in saturated fats, trans fatty acids, free sugars and/or salt to children and adolescents globally. We examined the actions taken between 2010 and early 2016 - by civil society groups, the World Health Organization (WHO) and its regional offices, other United Nations (UN) organizations, philanthropic institutions and transnational industries - to help decrease the prevalence of obesity and diet-related noncommunicable diseases among young people. By providing relevant technical and policy guidance and tools to Member States, WHO and other UN organizations have helped protect young people from the marketing of branded food and beverage products that are high in fat, sugar and/or salt. The progress achieved by the other actors we investigated appears variable and generally less robust. We suggest that the progress being made towards the full implementation of Resolution WHA63.14 would be accelerated by further restrictions on the marketing of unhealthy food and beverage products and by investing in the promotion of nutrient-dense products. This should help young people meet government-recommended dietary targets. Any effective strategies and actions should align with the goal of WHO to reduce premature mortality from noncommunicable diseases by 25% by 2025 and the aim of the UN to ensure healthy lives for all by 2030.

Role of index bonds in an optimal dynamic asset allocation model with real subsistence consumption

We investigate the role of index bonds in a dynamic consumption and asset allocation model where the rate of real consumption at any given time cannot fall below a fixed level. An explicit form of the optimal consumption and portfolio rule for a class of Constant Relative Risk Aversion (CRRA) utility functions is derived. Consumption increases above the subsistence level only when wealth exceeds a threshold value. Risky investments in equity and nominal bonds are initially proportional to the excess of wealth over a lower bound, and then increase nonlinearly with wealth. The desirability of investing in the risky assets are related to the agent’s risk preference, the equity premium, and the inflation risk premium. The demand for index bonds is also obtained. The results should be useful for the management of defined benefit pension funds, university endowments, and other portfolios which have a withdrawal pre-commitment in real terms.

Are Islamic stock returns predictable? : a global perspective

Using the sharia-compliant measures, we compile a data set that spans January 1981 to December 2014 and contains 2577 Islamic stocks. Using as many as 12 financial and macroeconomic predictors, we discover strong evidence of both in-sample and out-of-sample return predictability. There is robust evidence of predictability only when U.S. stock returns are used as a predictor. We find that investing in regional (industry) portfolios offers on average, across the 12 predictors, meaningful profits of 6.16% (6.03%) per annum. Investing in a portfolio of Islamic stocks belonging to emerging markets (9.89% per annum) and a portfolio of Islamic stocks belonging to the consumer goods sector (6.37% per annum) offers the most returns amongst regions and industries, respectively.

The conditional performance of euro bond funds: evidence from Portugal during the debt crisis

This paper evaluates the performance of a survivorship bias-free data set of Portuguese funds investing in Euro-denominated bonds by using conditional models that consider the public information available to investors when the returns are generated. We find that bond funds underperform the market significantly and by an economically relevant magnitude. This underperformance cannot be explained by the expenses they charge. Our findings support the use of conditional performance evaluation models, since we find strong evidence of both time-varying risk and performance, dependent on the slope of the term structure and the inverse relative wealth variables. We also show that survivorship bias has a significant impact on performance estimates. Furthermore, during the European debt crisis, bond fund managers performed significantly better than in non-crisis periods and were able to achieve neutral performance. This improved performance throughout the crisis seems to be related to changes in funds’ investment styles.

La performance environnementale des entreprises et le risque de réputation : une approche axée sur le comportement

Un consensus peut être observé dans la littérature au sujet de l’augmentation du risque financier due à la mauvaise performance environnementale ainsi que la diminution du risque due à la bonne performance environnementale. Autant les chercheurs que les investisseurs s’entendent pour dire que la réputation de l’entreprise a un impact sur ses activités et sa performance. Les marchés financiers ajustent donc leur appréciation du risque des entreprises selon leur performance environnementale telle que mesurée par les cotes MSCI-KLD. Toutefois, est-ce que ces cotes sont véritablement liées au risque environnemental vécu par les entreprises? C’est la question de recherche abordée par ce mémoire. Plus spécifiquement, cette étude tente de déterminer si le niveau de performance environnementale d’une entreprise, telle que mesurée par la cote MSCI-KLD, a un impact sur sa probabilité d’expérimenter un événement environnemental, et donc sur sa réputation et son risque.

Estrategias para la mejora de la reputación organizacional de Ecosistec S.A.S

Al interior de la empresa ECOSISTEC S.A.S. existe un problema que está erosionando la rentabilidad y está comprometiendo la perdurabilidad de esta empresa, con el planteamiento de este proyecto aplicado se podrá resolver el problema de reputación que tiene a la empresa en un estado crítico y que ha limitado considerablemente su desempeño a través de los últimos años. A través de un análisis externo e interno, y de la aplicación de diferentes metodologías al interior de esta empresa se espera poder conocer la situación actual de la misma y del mercado colombiano, lo que a la final permitirá encontrar una solución óptima que mejore el estado actual de esta organización mejorando la cuota de mercado y la imagen que tienen los potenciales clientes de ECOSISTEC S.A.S.

La confianza en las decisiones de presupuesto de capital: la TIR del comportamiento

En el presente artículo se desarrolla una investigación teórica que permite establecer un modelo matemático para cuantificar la influencia de la confianza de los gerentes en el proceso de presupuesto de capital, en particular sobre la Tasa Interna de Retorno. El Modelo permite concluir que el exceso de confianza es un factor que tiende a elevar esta tasa que esperan recibir los inversionistas tras invertir en determinados proyectos, generando así, en ciertas ocasiones, una toma de decisiones al interior de las empresas basada en cifras sesgadas, comprometiendo así los recursos de la misma.

Evaluación de costo efectividad de la profilaxis versus tratamiento a demanda en pacientes con Hemofilia A moderada y severa para prevenir sangrado articular de una aseguradora en Colombia

Introducción: En Colombia existe un protocolo de manejo para pacientes con hemofilia A severa sin inhibidores que recomienda el manejo de profilaxis primaria y secundaria con FVIII. Objetivos: Estimar la relación incremental de costo-efectividad (RICE) de la profilaxis con Factor VIII vs tratamiento a demanda para prevenir sangrados articulares en pacientes con hemofilia A moderada y severa de una aseguradora en Colombia. Materiales y Métodos: Se adaptó un modelo de Markov desde la perspectiva del tercer pagador. Las probabilidades de transición se ajustaron mediante un modelo de regresión logística multinomial explicadas por la edad y el peso. Las tasas de eventos son anuales. Las efectividades se extrajeron de la cohorte de la aseguradora y de la literatura. Los costos incluyeron el FVIII, medicamentos, hospitalización, procedimientos quirúrgicos, apoyo diagnóstico y consultas médicas. La tasa de descuento fue del 3%. Resultados: En pacientes con hemofilia A moderada y severa la profilaxis con FVIII evitará en promedio 7 sangrados articulares, el RICE para el sangrado articular es de $303.457. Conclusiones: La profilaxis con Factor VIII es una estrategia costo-efectiva en el manejo de pacientes con hemofilia A moderada y severa para la aseguradora, disminuyendo el número de sangrados articulares al año.