Stock exchange

About: Stock exchange is a research topic. Over the lifetime, 39566 publications have been published within this topic receiving 612044 citations.

Equity ownership structure, risk taking, and performance : an empirical investigation in Turkish listed companies

Abstract: The paper describes the main characteristics of ownership structure of the Turkish nonfinancial firms listed on the Istanbul Stock Exchange (ISE) and examines the impact of ownership structure on performance and risk-taking behavior of Turkish firms. Turkish corporations can be characterized as highly concentrated, family owned firms attached to a group of companies generally owned by the same family or a group of families. Ownership structure is defined along two attributes: concentration and identity of the owner(s). We conclude that there is a significant impact of ownership structure -ownership concentration and ownership mix- on both performance and risk-taking behavior of Turkish firms. Higher concentration leads to better market performance. Family owned firms seem to have lower performance with lower risk. While firms with foreign ownership display better performance, government owned firms have lower accounting, but higher market performance with high risk.

Stock Market Prediction Using Artificial Neural Networks

Abstract: In this study we apply back propagation Neural Network models to predict the daily Shanghai Stock Exchange Composite Index. The learning algorithm and gradient search technique are constructed in the models. We evaluate the prediction models and conclude that the Shanghai Stock Exchange Composite Index is predictable in the short term. Empirical study shows that the Neural Network models is successfully applied to predict the daily highest, lowest, and closing value of the Shanghai Stock Exchange Composite Index, but it can not predict the return rate of the Shanghai Stock Exchange Composite Index in short terms.

Accounting for Stock-Based Compensation

Abstract: IP [Illinois Power] owns one nuclear generating station, Clinton, a 930-megawatt unit that represents approximately 20 percent of IP’s generating capacity. Significant Clinton write-offs have weakened earnings and led to a 10-year decline in Illinova’s and IP’s retained earnings balances. Clinton has not operated since September 1996. In December 1998, Illinova’s and IP’s Boards of Directors voted to exit Clinton operations, resulting in an impairment of Clinton-related assets and accrual of exit-related costs. The impairment and accrual of costs resulted in a $1,327.2 million, net of income taxes, charge against earnings. Concurrent with the decision to exit Clinton, Illinova’s and IP’s Boards of Directors also voted to effect a quasi-reorganization, in which Illinova’s consolidated accumulated deficit in retained earnings of $1,419.5 million was eliminated. . . . In conjunction with effecting its quasi-reorganization, IP reviewed its assets and liabilities to determine whether the book value of such items needed to be adjusted to reflect their fair value. IP determined that its fossil generation assets were not stated at fair value. With the help of a third-party consultant, management conducted an economic assessment of its fossil generation assets to determine their fair value. The assessment was based on projections of on-going operating costs, future prices for fossil fuels, and market prices of electricity in IP’s service area. Management concluded that IP’s fossil generation assets have a fair value of $2,867.0 million. This fair value was determined using the after-tax cash flows of the fossil assets. Prior to the quasireorganization, the fossil generation assets’ book value, net of accumulated depreciation, was $631.7 million. The adjustment to fair value resulted in a write-up of $1,348.6 million, net of income taxes, which was recognized as an increase in retained earnings.

Valuation effects of international stock exchange listings

Abstract: A comprehensive data set consisting of 346 U.S. firm stock listings on ten different stock exchanges is examined in order to determine the valuation consequences of listing on a foreign stock exchange. For the sample of U.S. firms listing abroad, abnormal returns in U.S. trading were: (1) positive around the date of acceptance on the foreign exchange; (2) negative on the first trading day; and (3) negative in the post-listing period for firms listing on the Tokyo and Basel exchanges. Tests for the equality of stock return variances between event periods and market model estimation periods failed to reveal a definitive impact.