After the burst of high-tech bubble in year 2000, many companies have been financially restructur... more After the burst of high-tech bubble in year 2000, many companies have been financially restructured so that they can be in a better position to deal with their debt burdens. They restructured to maintain some growth in earnings despite a decline in sales by booking the realized gains on some appreciated investments, reducing deferred revenue, revising its deferred tax asset allowance, and emphasizing on strong cash flow from operations. In this paper, we analyze the variations of key financial composite ratios to verify the structural change and investigate investors’ reactions to PE ratios in previous periods. We apply the Polynomial Distributed Lag Model to explore the existence of these investors’ financial ripple effects. These effects reflect investors’ behavior with under-reactions, over-reactions, or excessive optimism to this new financial information. The findings prove that there are different investor’s proclivities spreading across those financial ratios on both high-tec...
Scarecrows were commonly featuredin rural landscapes until recently. There are numerous rituals a... more Scarecrows were commonly featuredin rural landscapes until recently. There are numerous rituals associated with creating a scarecrow and erecting it in the field, with many legends being linked to this character.The scarecrow itself has counterparts in many countries worldwide. However, with civilisation progressingand characterised withan emphasis on economic efficiency and agricultural engineering in the present day, scarecrows are disappearing from the rural landscape. Advanced electronic devices replace them, while scarecrows end up in museums and open-air museums calledskansens, as well as beingon display at local village festivals. The goal of this paper is to investigate the past and present functions of the scarecrow in rural areas in Poland as an indicator of changes occurring inthe cultural heritage in these areas. The survey and field studies were carried out in selected localities in Małopolskie Voivodeship that exhibited distinct qualities related to rural cultural heri...
The purpose of this paper is to evaluate the forecasting performance of linear and non-linear gen... more The purpose of this paper is to evaluate the forecasting performance of linear and non-linear generalized autoregressive conditional heteroskedasticity (GARCH)–class models in terms of their in-sample and out-of-sample forecasting accuracy for the Tadawul All Share Index (TASI) and the Tadawul Industrial Petrochemical Industries Share Index (TIPISI) for petrochemical industries. We use the daily price data of the TASI and the TIPISI for the period of 10 September 2007 to 26 February 2015. The results suggest that the Asymmetric Power of ARCH (APARCH) model is the most accurate model in the GARCH class for forecasting the volatility of both the TASI and the TIPISI in the context of petrochemical industries, as this model outperforms the other models in model estimation and daily out-of-sample volatility forecasting of the two indices. This study is useful for the dataset examined, because the results provide a basis for traders, policy-makers, and international investors to make deci...
An integrated investigation of futures price, cash price, and government programs is presented in... more An integrated investigation of futures price, cash price, and government programs is presented in the context of an econometric model of acreage supply response for U.S. corn and soybeans. The analysis refines the role of different sources of price information in the farmers' acreage decision. It is found that the government corn support price program plays a major role in corn and soybean production decisions. Also, the results indicate that futures prices are not good proxies for expected future cash prices in the presence of government programs. This raises questions about the information efficiency of futures prices when government intervenes in the market place.
In the 2000s, many companies have been financially restructured so that they can be in a better p... more In the 2000s, many companies have been financially restructured so that they can be in a better position to deal with their debt burdens after the high-tech bubble. Investors may respond systematically either with efficient reactions, under-reactions, or over-reactions to the new financial information. In this paper, we generated the composite index of the four different group ratios by ranking and aggregating from an individual company level. We applied the Polynomial Distributed Lag Model to explore the existence of financial ratios' ripple effects. The effects displayed in the previous periods of financial ratios may influence the current PE ratios by investors' responses. The first difference on the corresponding composite financial ratios to the PE ratios also has been included in this analysis. The findings prove that investors possess distinctive and momentous ripple effects spreading across those financial ratios before and after the high-tech bubble. The results can...
After the burst of high-tech bubble in year 2000, many companies have been financially restructur... more After the burst of high-tech bubble in year 2000, many companies have been financially restructured so that they can be in a better position to deal with their debt burdens. They restructured to maintain some growth in earnings despite a decline in sales by booking the realized gains on some appreciated investments, reducing deferred revenue, revising its deferred tax asset allowance, and emphasizing on strong cash flow from operations. In this paper, we analyze the variations of key financial composite ratios to verify the structural change and investigate investors’ reactions to PE ratios in previous periods. We apply the Polynomial Distributed Lag Model to explore the existence of these investors’ financial ripple effects. These effects reflect investors’ behavior with under-reactions, over-reactions, or excessive optimism to this new financial information. The findings prove that there are different investor’s proclivities spreading across those financial ratios on both high-tec...
Scarecrows were commonly featuredin rural landscapes until recently. There are numerous rituals a... more Scarecrows were commonly featuredin rural landscapes until recently. There are numerous rituals associated with creating a scarecrow and erecting it in the field, with many legends being linked to this character.The scarecrow itself has counterparts in many countries worldwide. However, with civilisation progressingand characterised withan emphasis on economic efficiency and agricultural engineering in the present day, scarecrows are disappearing from the rural landscape. Advanced electronic devices replace them, while scarecrows end up in museums and open-air museums calledskansens, as well as beingon display at local village festivals. The goal of this paper is to investigate the past and present functions of the scarecrow in rural areas in Poland as an indicator of changes occurring inthe cultural heritage in these areas. The survey and field studies were carried out in selected localities in Małopolskie Voivodeship that exhibited distinct qualities related to rural cultural heri...
The purpose of this paper is to evaluate the forecasting performance of linear and non-linear gen... more The purpose of this paper is to evaluate the forecasting performance of linear and non-linear generalized autoregressive conditional heteroskedasticity (GARCH)–class models in terms of their in-sample and out-of-sample forecasting accuracy for the Tadawul All Share Index (TASI) and the Tadawul Industrial Petrochemical Industries Share Index (TIPISI) for petrochemical industries. We use the daily price data of the TASI and the TIPISI for the period of 10 September 2007 to 26 February 2015. The results suggest that the Asymmetric Power of ARCH (APARCH) model is the most accurate model in the GARCH class for forecasting the volatility of both the TASI and the TIPISI in the context of petrochemical industries, as this model outperforms the other models in model estimation and daily out-of-sample volatility forecasting of the two indices. This study is useful for the dataset examined, because the results provide a basis for traders, policy-makers, and international investors to make deci...
An integrated investigation of futures price, cash price, and government programs is presented in... more An integrated investigation of futures price, cash price, and government programs is presented in the context of an econometric model of acreage supply response for U.S. corn and soybeans. The analysis refines the role of different sources of price information in the farmers' acreage decision. It is found that the government corn support price program plays a major role in corn and soybean production decisions. Also, the results indicate that futures prices are not good proxies for expected future cash prices in the presence of government programs. This raises questions about the information efficiency of futures prices when government intervenes in the market place.
In the 2000s, many companies have been financially restructured so that they can be in a better p... more In the 2000s, many companies have been financially restructured so that they can be in a better position to deal with their debt burdens after the high-tech bubble. Investors may respond systematically either with efficient reactions, under-reactions, or over-reactions to the new financial information. In this paper, we generated the composite index of the four different group ratios by ranking and aggregating from an individual company level. We applied the Polynomial Distributed Lag Model to explore the existence of financial ratios' ripple effects. The effects displayed in the previous periods of financial ratios may influence the current PE ratios by investors' responses. The first difference on the corresponding composite financial ratios to the PE ratios also has been included in this analysis. The findings prove that investors possess distinctive and momentous ripple effects spreading across those financial ratios before and after the high-tech bubble. The results can...
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Papers by Robert Kao