Microfinance Institutions (MFIs) face unique challenges since it must achieve a double bottom line— outreach and sustainability. So is microfinance worthwhile or worthless? The proper performance measurement framework here is a better way to judge this than a simple measure of numbers. This paper seeks to present, to MFIs, a new rigorous performance measurement framework that incorporates the b...

Economic theory suggests that the magnitude and direction of a company’s currency risk exposure depends crucially on its fundamental involvement in international trade. For US industries, we find that the stock performance of an import-oriented company moves positively with the performance of the dollar, but the stock performance of an export-oriented company tends to move against the dollar. B...

This study reports on the existence of a curious calendar effect--a relationship between stock market performance and the schedule of the U.S. Congress. Almost the entire advance in the market since 1897 corresponds to the periods when Congress is in recess. This is an impressive result, given that Congress is in recess about half as long as in sesskm. Furthermore, average daily returns when Co...

This Article is brought to you for free and open access by the Department of Finance at ODU Digital Commons. It has been accepted for inclusion in Finance Faculty Publications by an authorized administrator of ODU Digital Commons. For more information, please contact [email protected]. Repository Citation Doukas, John A., "Divergent Opinions and Value Stock Performance" (2006). Finance Fac...

We propose a continuous merger activity variable (MAV) as an alternative to discrete industry merger waves. Ranking industries by MAV within a quarter removes the market-wide trend and gives a powerful measure of relative industry stock merger activity that is associated with strong patterns in before and after industry returns and operating performance. During 1989-2015, bucket 1 containing in...

The papers by Brickley, Bhagat and Lease ('The Impact of Long-Range Managerial Compensation Plans on Shareholder Wealth') and by Tehranian and Waegelein ('Market Reaction to Short-Term Executive Compensation Plan Adoption') examine stock price performance around the time firms adopt management incentive plans. Each paper finds positive stock price performance. In this overview, I integrate the ...

to survive in today’s competitive environment, companies need continues improvement to achieve goals such as increasing the accuracy of targeting, improving product or service. however, there is no improvement guaranty without performance evaluation. an organization must assess current performance before embarking on any improvement. if it does not, it will have no baseline from which to determ...

Although stock splits seem to be a purely cosmetic event, there exists ample empirical evidence from the United States that stock splits are associated with abnormal returns on both the announcement and the execution day, and additionally with an increase in variance following the ex-day. This paper investigates the market reaction to stock splits using a set of German firms. Consistent with th...

Variability, in general, has a deteriorating effect on the performance of stochastic inventory systems. In particular, previous results indicate that demand variability causes a performance degradation in terms of inventory related costs when production capacity is unlimited. In order to investigate the effects of demand variability in capacitated production settings, we analyse a make-to-stock...

The volatility of stock market indicators goes beyond anyone’s reasonable explanations. Industry performance, economic, and political changes are among the major factors that can affect the stock market. This paper focuses on the effect of news that surfaces throughout the day in the stock market. While there are many influences behind the constant changes in stock market performance, we can st...