(searched for: Assessment of Capital Market Efficiency in COVID-19)
Published: 3 May 2021
European Journal of Business and Management Research, Volume 6, pp 42-46; doi:10.24018/ejbmr.2021.6.3.839
The study tries to focus on the efficiency of the capital market through investigating the randomness of return series of Dhaka Stock Exchange of Bangladesh. Due to COVID-19 pandemic the worldwide capital market faces higher volatility than before. The study finds the week form of efficiency level of Bangladesh capital market. Special focus on Run test, Auto correlation test, predictability of tock return using ARIMA model the weekend effect anomaly and momentum strategy investing. The study found that the hypothesis of randomness of the stock returns are rejected for stock price index changes by using random walk tests, normality of return distributions, runs test and at different lags using ARIMA and the momentum tests which assert Dhaka Stock Exchange is not efficient even in the weak form.
Published: 1 February 2021
Electronic Scientific Journal Intellectualization of Logistics and Supply Chain Management #1 2020, Volume 1, pp 40-52; doi:10.46783/smart-scm/2021-5-3
The article reveals the main trends in the functioning of global supply chains in the context of the COVID-19 pandemic and their impact on the activities of Ukrainian enterprises are identified. It is noted that the closure of borders between countries and the introduction of self-isolation regime caused a significant reduction in production capacity and the volume of international trade. Global supply chains have become very vulnerable and necessitate their revision and the search for alternative ways to deliver goods to end users. Since Ukraine is a country with an open market economy, this article summarizes the main challenges for import-dependent supply chains and makes proposals on ways to overcome them. The expediency of applying the concept of Lean-management in business processes management of refrigeration supply chains during a pandemic as a means of overcoming crisis situations and ensuring sustainable development are proved. The dynamics and structure analysis of the company LLC "Holod Engineering" income and expenses allowed to establish a tendency to reduce the profitability of the company's business and capital turnover, as well as increase the share of logistics costs in the production costs. The greatest impact on the growth of logistics costs have the inventory costs due to the processes of storage and orders completion and delivery delays, which lead to customer dissatisfaction and complaints. Methodical approaches to estimating the level of processes coordination in the supply chains of refrigeration equipment, calculation of supply lots optimal parameters, levels of raw materials and components stocks, production and storage capacity rationalization of the enterprise are substantiated. With the help of Shewhart's control charts, the coordination of business processes in the equipment supply chains were assessed and the sources of potential losses were identified. The technological and logistics processes optimization in terms of their cost, duration and quality of results takes into account not only individual processes of enterprises, but also interprocess connections between supply chain links. It is proposed to implement a number of organizational measures using the concept of lean management, which involves market integration, production process, procurement and sales in order to provide a high level of customer service. The efficiency of the proposed organizational changes and their impact on business profitability, inventory turnover, the amount of logistics costs and the quality of customer service are determined.
SHS Web of Conferences, Volume 92; doi:10.1051/shsconf/20219207046
Research background: The paper analyzes and assesses the current situation in the Georgian labor market in the conditions of the pandemic. The article discusses the current, post pandemic state of the labour market in Georgia and the outcomes, impacts of Covid-19 on socio-economic situation. Purpose of the article: According to the present situation, it is necessary to create institutions and mechanisms that will ultimately provide the public as well as private sectors with highly qualified workforce, increase the efficiency of organizations and at the same time reduce unemployment. Since the progress of the labour market hinges crucially on higher education systems, it is necessary for educational organizations to take decisions and specific actions in accordance with the challenges of the global environment. One of the main priorities of the “Georgia 2020” strategy is the development of human capital. Methods: In the article the above-mentioned issues are discussed based on the statistical analysis which describes the challenges in almost every direction. There are revealed the results of the Coronavirus Pandemic. It is very interesting to picture the comparison between the previous and post pandemic situation in Georgia. Findings & Value added: It is necessary to prepare training courses and specialists according to the current requirements of the labour market. Moreover, specific steps and recommendations are given in the article which are needed to be taken into consideration by the Government of Georgia.
Published: 31 December 2020
Management Science, Volume 10; doi:10.26794/2404-022x-2020-10-4-37-51
The paper discusses the mechanism of shares buyback and its implementation in foreign countries and in Russia. The publication purpose is to study the practice of buybacks in the aspect of corporate governance, satisfaction of stakeholders interests being in the new economic realities by the impact of sanctions and the COVID-19 pandemic. The authors use the method of content analysis of publications by Russian and foreign researchers based on Google Scholar since 1990 to 2020, considering buyback programs in relation to corporate governance and influence on stakeholders. Also, the authors analyze the state of the Russian stock market by capitalization, by the number of issuers of shares on the MICEX-RTS from 2013 to 2020. There are analyzed programs for repurchase of shares of Russian companies for the period 2018–2020. There have been put forward and tested three hypotheses related to the impact of sanctions and the coronavirus pandemic on the policy of implementing buyback deals by the companies. The “share buyback” is usually considered to a greater extent from the point of view of corporate finance in the Russian business field, outside the context of corporate governance and even more so outside of relations with stakeholders. There is a dominant approach to buybacks from the point of view of shareholders rather than from the point of view of stakeholders in Russian business practice. There is no discussion about the negative impact of buybacks on their interests in the public opinion and in the expert environment, due to the relative weakness of the positions of Russian stakeholders. The future research may focus on assessing the impact of share buyback programs on the risks system and benefits for financial and non-financial stakeholders. Also, there should be emphasized on studying the impact of share buybacks on the corporate governance quality and on studying their impact on top management remuneration, being assessed the effectiveness and efficiency of programs buybacks.
Published: 30 December 2020
Oeconomia Copernicana, Volume 11, pp 585-608; doi:10.24136/oc.2020.024
Research background: Covid-19 has affected the global economy and has had an inevitable impact on capital markets. In the week of February 24?28, 2020, stock markets crashed. The index FTSE 100 decreased 13%, while the indices DJIA and S&P 500 fell 11?12%, the biggest drop since the 2007?2008 financial and economic crisis. It is therefore of interest to test the random walk hypothesis in developed capital markets, European and also non-European, in order to understand the different predictabilities between them. Purpose of the article: The aim is to analyze capital market efficiency, in its weak form, through the stock market indices of Belgium (index BEL 20), France (index CAC 40), Germany (index DAX 30), USA (index DOW JONES), Greece (index FTSE Athex 20), Spain (index IBEX 35), Ireland (index ISEQ), Portugal (index PSI 20) and China (index SSE) for the period from December 2019 to May 2020. Methods: Panel unit root tests of Breitung (2000), Levin et al. (2002) and Hadri (2002) were used to assess the time series stationarity. The test of Clemente et al. (1998) is used to detect structural breaks. The tests for the random walk hypothesis follows the variance ratio methodology proposed by Lo and MacKinlay (1988). Findings & Value added: In general, we found mixed confirmation about the EMH (efficient market hypothesis). Taking into account the conclusions of the rank variance test, the random walk hypothesis was rejected in the case of stock indices: Dow Jones, SSE and PSI 20, partially rejected in the case indices: BEL 20, CAC 40, FTSTE Athex 20 and DEX 30, but accepted for indices: IBEX 35 and ISEQ. The results also show that prices do not fully reflect the information available and that changes in prices are not independent and identically distributed. This situation has consequences for investors, since some returns can be expected, creating opportunities for arbitrage and for abnormal returns, contrary to the assumptions of random walk and information efficiency.
SSRN Electronic Journal; doi:10.2139/ssrn.3741436
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Journal of Integrative Agriculture, Volume 19, pp 2903-2915; doi:10.1016/s2095-3119(20)63443-8
The purposes of this study are to assess the COVID-19 pandemic's impacts on the dairy industries in China and the United States and to derive policy recommendations for enhancing the diary industries' resilience to pandemics and other market shocks. Specifically, data from the two nations are used to analyze and compare the mechanisms through which the pandemic has affected their dairy industries and to discuss potential lessons from their experiences. The findings suggest that this pandemic has heavily affected the dairy industries in both China and the United States through similar mechanisms, such as decreased farmgate milk prices, disruption and difficulties of moving milk within the supply chains, worker shortages, increased production costs, and lack of operating capital. There were also significant differences in the affecting mechanisms between the two nations, including transportation difficulties from widespread road closures and significant reduction in holiday sales of dairy products in China, and the shutdown of many dairy processors in the United States due to the closing of schools, restaurants, and hotels. While government financial reliefs are highly needed to help many dairy farms and processors survive this pandemic in the short term, the dairy industries and governments need to work together to develop long-term strategies and policies to balance the industries' efficiency and flexibility, product specialization and diversification, supply chain integration and local food systems, and market mechanisms and policy regulations and interventions.
Economics. Finances. Law pp 25-27; doi:10.37634/efp.2020.10(1).5
Introduction. The article deals with the issues of doing business in crisis situations. The main directions of the influence of crisis situations on the activities of the enterprise at different levels are considered. The factors of influence of the coronavirus on the economy of both the enterprise and the country have been determined. The purpose of the paper is to clarify the factors that may affect the safety of doing business today and provide recommendations for improving the company's activities. These recommendations will increase the efficiency of the enterprise by increasing the stability of the organization. Among the dangerous factors, increased attention is paid to the coronavirus epidemic. Results. There are five dangerous factors for the Ukrainian economy in this situation. The first factor is the impact of the pandemic on micro- and macroeconomic processes. The second factor is the falling incomes and deteriorating business environment. The third factor is the increase in capital outflows from the country. The fourth factor is the strengthening by the state of restrictive measures for the population and enterprises. The fifth dangerous factor is the low level of trust of entrepreneurs in public authorities. Conclusion. Despite all the measures taken, it is currently difficult to assess the real scale and consequences of COVID-19 and other crises for the economy of Ukraine and the world. To date, there is a deterioration of the epidemiological situation in the country. There is also a deterioration in the economic situation of both the country as a whole and individual enterprises. We will be able to see soon how Ukraine will survive this pandemic and what damage will be done to the economy. But the use of the proposed measures will reduce the company's losses from dangerous situations. The impact of the first factor will lead to difficulties in international trade and relocation of personnel. The second factor warns of declining business incomes that have not adapted to quarantine conditions. Counteracting this factor involves the maximum use of remote labor and e-commerce. When forecasting the consequences of the third factor will reduce the supply of foreign currency, which makes the national currency unstable and leads to its depreciation. The action of the fourth factor will lead to a significant complication in the organization of the production process. There may be difficulties in finding and hiring staff, the situation on the labor market will change. The influence of the fifth factor will lead to the fact that the organization can not adequately and effectively respond to external influences.
Published: 30 September 2020
The International Journal of Business & Management, Volume 8; doi:10.24940/theijbm/2020/v8/i9/bm2009-037
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