bluuebunny/crossref_metadata_2025_split huggingface dataset:
The Equity Market around the Ex-Split Date: Evidence from India
Authors: Chakraborty Madhumita 
Published: June 2019

Theory suggests that stock-splits are cosmetic corporate events as they simply increase the number of outstanding shares and decrease the price of each outstanding share. Hence, there should be no significant effect on the value of the firm. However, empirical evidence suggests that the market generally reacts favourably to stock splits. The contradiction between theory, which expects no change in firm value consequent to stock splits, and the reality, with scores of evidence of significant market reaction, motivates the present study. The market response to stock splits is investigated with the dataset from an emerging country � India for the period from March 1999 to December 2008. Based on availability of data, analysis was possible for 234 splits. The result of the investigation is in line with the results of many other studies, which shows significantly positive returns on the day of split execution. The regression analysis suggests that the positive reaction can be attributed to the small firm hypothesis and liquidity hypothesis. The result for the post-split period is characterized by abnormally high negative returns which wipes out much more than the positive gain during the split execution. This seems to be mostly explained by the pre-split price increase, firm size, and size of transaction, suggesting that the firms which have experienced a high pre-split increase in price as well as the smaller firms are the ones which suffer the worst returns. The significantly positive co-efficient for transaction size along with the observation that post-split average size of transaction has declined, implies trading intensity by small investors, who face severe negative performance in the post-split period. It is possible that small investors are lured to the market on split execution, while the informed players exit the same when the prices are at their peaks leaving the uninformed small investors with over-priced stocks, whose prices fall rapidly in the post-split period. These findings may have immense implications for the smaller investors in designing their trading strategies. There may also be implications for the market regulators in protecting the small investors.
Impact of Corporate Governance Regulation on Market Risk
Authors: Misra Dheeraj , Vishnani Sushma 
Published: June 2019

In case of public limited companies, there has been a separation of ownership from management. There is a lack of congruence between the interests of shareholders and managers. Shareholders always believe in maximizing their wealth while managers may invest the funds provided by shareholders in projects which may increase the size of the company but may provide inadequate returns to the shareholders. Managers are better informed than shareholders about the prospects of the company. Thus, there is an information asymmetry between shareholders and managers. This leads to agency cost. The system should be designed in such a way that it reduces the information asymmetry between them. One of the means in which information asymmetry can be reduced between shareholders and managers is to impose an effective regulation on the companies such that the shareholders are better informed about the prospects of the company. Mandatory disclosures on corporate governance means equity investors in a company have access to more information about the current performance and future prospects of the company. This information effect of corporate disclosures provides better estimates to the investors regarding the expected future cash flows. The reduction in the degree of uncertainty regarding the estimates of the firm�s future cash flows lowers beta (market risk) of the firm. Thus, from a theoretical point of view, the impact of corporate governance regulation has an inverse impact on market risk To achieve the same objective, SEBI, a regulator of the Indian capital market, imposed a regulation for the listed public limited companies with effect from March 31, 2001. This paper attempts to analyse whether the corporate governance regulation has reduced the market risk of the Indian A-Group companies of BSE. To investigate the impact of the regulation on market risk, a sample carrying more than thirteen years time period from March 1995 to August 2008, has been chosen. The results show that neither the corporate governance regulation imposed on March 31, 2001 nor the amendments on the same brought on January 1, 2006 has been able to significantly reduce the market risk of A-Group companies of BSE. However, the investors consider the information content provided in the amendments more genuine and simpler than the information content provided in the original regulation.
Motives for Mergers and Takeovers in the Indian Mutual Fund Industry
Authors: Banga Charu , Gupta Amitabh 
Published: June 2019

The Indian industry has seen a phenomenal consolidation through a spate of mergers and takeovers during the last decade. The mutual fund industry in India is no exception. It therefore becomes very important to understand the motives of mergers and takeovers in the Indian mutual fund industry. However, there is a significant difference between a corporate merger and the merger of a mutual fund. The present study uses various motives (variables) of corporate mergers and takeovers that fit in case of motives for mergers and takeovers of mutual fund schemes. As far as India is concerned, this is the first study of its kind; even in the international arena, limited research is available in this area. A two-stage multivariate procedure is used to identify the important factors that drive the merger of a mutual fund scheme from the viewpoint of an acquirer. The present study conducts a survey of 65 fund managers through a questionnaire containing fifteen statements to examine the motives behind the mergers and takeovers of mutual fund schemes. It checks the internal consistency and the reliability of the data using the Cronbach's Alpha. It performs an exploratory factor analysis using the fifteen statements in the questionnaire as different variables. Finally, it examines the important motives by conducting an ordinary least squares regression using the factors extracted from factor analysis. The results reveal the following: The factor analysis produces six broad factors, viz., attractive price, fund governance, expansion of marketing and management capabilities, expansion of asset size, benefits of diversification, and increase in the market share. These six factors are then subjected to multiple regression with increase in the market share as the dependent variable. The regression shows that three out of the five factors tested are significant. The findings of the study suggest that expansion of marketing and management capabilities, expansion of asset size, and benefits of diversification are the three most important motives behind mergers and takeovers of mutual fund schemes in India. The study is valuable to the financial economists, asset management companies, fund managers, unit holders, and the regulators in order to understand the important factors that influence mergers and takeovers of mutual fund schemes in India and their implications in order to make regulations for the mutual fund industry.
Controlling Common Method Variance while Measuring the Impact of Emotional Intelligence on Well-being
Authors: Krishnaveni R , Deepa R 
Published: June 2019

Emotional intelligence (EI) is the ability of an individual to use emotions intelligently for positive outcomes. This ability is said to have an impact on many aspects of our personal and professional lives. Well-being (WB) is a person�s state of mind regarding his/her life. Theory suggests that highly emotionally intelligent individuals are likely to experience psychological well-being at a higher level than individuals who are low in emotional intelligence. Based on this concept, this paper examines the empirical relation between EI and WB, both of which are attitudinal variables. A sample of 104 respondents from the manufacturing sector of South India was considered for the study and their emotional intelligence and well-being levels were assessed using appropriate tools. When two attitude-based constructs are obtained from the same respondent, using the same instrument, at the same time, then the relationship between them is said to be influenced by Common Method Variance (CMV). It is the variance that is attributable to the measurement method rather than to the constructs the measures represent and is said to introduce a spurious correlation between the variables of interest. In this study, both EI and WB were obtained from the same respondent, through a single instrument. Hence CMV was considered and acted upon. While controlling the effect of CMV on the empirical relation between EI and WB, this paper aims at the following sub-objectives: To assess the EI and WB levels of the respondents To implement procedural remedies to control CMV To implement statistical remedies to control CMV To prove that EI is a predictor of WB, over and above the effect of CMV. Procedural remedies were used with respect to questionnaire design and statistical remedies were used to partial out the effect of CMV. This paper should serve as a framework for researchers, who wish to evaluate the potential biasing effects of method variance in their research, pertaining to behavioural aspects.
Execution Times of Small Limit Orders: A Simpler Modeling Approach
Authors: Chatterjee Devlina , Mukhopadhyay Chiranjit 
Published: June 2019

In an electronic stock market, an equity trader can submit two kinds of orders: a market order or a limit order. In a market order, the trade occurs at the best available price on the opposite side of the book. In a limit order, on the other hand, the trader specifies a price (lower limit in case of sell orders and higher limit in case of buy orders) beyond which they are not willing to transact. Limit orders supply liquidity to the market and aid in price discovery since they indicate the prices that traders are willing to pay at any point of time. One of the risks that a trader placing a limit order faces is the risk of delayed execution or non-execution. If the execution is delayed, then the trader also faces a “picking-off” risk, in the event of the arrival of new information. With these issues in the background, a trader placing a limit order at a certain price, given various economic variables such as recent price movements as well as characteristics of the company in question, is interested in the probability of execution of the order as a function of subsequent elapsed time. For example, if she places a small sell order at 0.5 percent above the last traded price for a given stock, what is the probability that the order will be executed in the next t minutes? With this motivation, this paper considers execution times of small limit orders in an electronic exchange, specifically the National Stock Exchange (NSE) of India. Order execution times have been studied in several other works, where they are modeled by reconstructing the history of the order book using high-frequency data. Here, for the first time, the much simpler approach of small hypothetical orders placed at certain prices at certain points of time has been used. Given that an order has been placed at a certain price, subsequent price movements determine the lower and upper bounds of the time to execution based on when (and if) the order price is first reached and when it is first crossed. Survival analysis with interval censoring is used to model the execution probability of an order as a function of time. Several Accelerated Failure Time models are built with historical trades and order book data for 50 stocks over 63 trading days. Additionally, choice of distributions, relative importance of covariates, and model reduction are discussed; and results qualitatively consistent with studies that did not use hypothetical orders are obtained. Interestingly, for the data, the differences between the above-mentioned bounds are not very large. Directly using them without interval censoring gives survival curves that bracket the correct curve obtained with interval censoring. The paper concludes that this approach, though data- and computation-wise much less intensive than traditional approaches, nevertheless yields useful insights on execution probabilities of small limit orders in electronic exchanges.
Determinants of Going-Public Decision in an Emerging Market: Evidence from India
Authors: Mayur Manas , Kumar Manoj 
Published: June 2019

During the past two decades, numerous Indian firms have gone public by undertaking Initial Public Offerings (IPOs) of their equity shares. Yet, many other Indian firms have intentionally chosen to remain private even though they fulfill the eligibility criteria of going public. This raises the question as to what are the determinants of firms' going-public decision. While researchers have propounded several theories to explain the firms� going-public decision, yet the empirical studies conducted to test the proposed theories are still scarce, mainly due to lack of data on privately held firms necessary for a direct investigation of the choice between going public and remaining private. None of the existing studies have assessed the determinants of Indian firms' going-public decision. Besides, no consistent stylized facts have so far emerged. Rather contradictory findings have been reported in some of the existing studies. Further these individual studies have not been comprehensive as each of them has focused only on a limited number of determinants. This study investigates the determinants of going-public decision of the Indian firms, juxtaposing the following two related research issues: What ex-ante (pre-IPO) characteristics of going-public Indian firms differentiate them from those Indian firms that continue to remain private even though they fulfill the eligibility criteria of going public? What ex-post consequences of IPOs on firm characteristics influence their goingpublic decision? The preceding research issues are examined using two independent analyses. First, a panel probit regression analysis is done to identify the ex-ante characteristics of going- public Indian firms that differentiate them from those Indian firms that continue to remain private even though they fulfill the eligibility criteria of going public. This analysis reveals that going-public Indian firms tend to be younger, riskier, transparent, more profitable, experiencing higher sales growth, and larger-sized than firms that decide to remain private. Also if a firm belongs to retail trade sectors, it increases its probability to go public. In the second analysis, ex-post consequences of IPOs on firm characteristics are examined by comparing pre-IPO characteristics of IPO firms with their post-IPO characteristics using Wilcoxon two-sample signed rank test. This analysis suggests that Indian firms go public to: finance their growth and investments diversify owners' risk rebalance their capital structure bring down their borrowing rates.
Discontinuation of angiotensin-converting enzyme inhibitors or beta-blockers and the impact on heart failure hospitalization rates
Authors: Knafl George J , Moser Debra K , Wu Jia-Rong , Riegel Barbara 
Published: June 2019

Background: Adherence to evidence-based therapy is essential for optimal management of heart failure. Yet, medication adherence is poor in heart failure patients. The Ascertaining Barriers to Compliance Project decomposed the medication adherence process into initiation, implementation, and discontinuation stages, but electronic monitoring-based adherence analyses usually do not consider this process. Aims: The aim of this study was to describe individual-patient patterns of medication adherence from electronic monitoring data among adults with chronic heart failure, adherence types, and risk factors for increased all-cause hospitalization including measures of poor adherence such as discontinuation. Methods: Data from two prospective studies of adherence measured with electronic monitoring for heart failure patients were combined and restricted to monitoring of angiotensin-converting enzyme inhibitors and beta-blockers over an initial three-month period. Hospitalizations were recorded for this period as well as for a three-month follow-up period. Analyses were conducted using adaptive modeling methods to identify individual-patient adherence patterns, adherence types, and risk factors for an increased hospitalization rate. Results: Using electronic monitoring data for 254 heart failure patients, four adherence types were identified: highly consistent, consistent but variable, moderately consistent, and poorly consistent. Sixteen individually significant risk factors for increased hospitalization rates were identified and used to generate a multiple risk factors model. Medication discontinuation was the most important individual risk factor and most important in the multiple risk factors model. Conclusion: Discontinuation of angiotensin-converting enzyme inhibitors or beta-blockers increases hospitalization rates for heart failure patients. Interventions that effectively address this problem are urgently needed.
Goal-Driven Beam Setting Optimization for Whole-Breast Radiation Therapy
Authors: Wang Wentao , Sheng Yang , Yoo Sua , Blitzblau Rachel C. , Yin Fang-Fang , Wu Q. Jackie 
Published: June 2019

Purpose: To develop an automated optimization program to generate optimal beam settings for whole-breast radiation therapy driven by clinically oriented goals. Materials and Methods: Forty patients were retrospectively included in this study. Each patient’s planning images, contoured structures of planning target volumes, organs-at-risk, and breast wires were used to optimize for patient-specific–beam settings. Two beam geometries were available tangential beams only and tangential plus supraclavicular beams. Beam parameters included isocenter position, gantry, collimator, couch angles, and multileaf collimator shape. A geometry-based goal function was defined to determine such beam parameters to minimize out-of-field target volume and in-field ipsilateral lung volume. For each geometry, the weighting in the goal function was trained with 10 plans and tested on 10 additional plans. For each query patient, the optimal beam setting was searched for different gantry-isocenter pairs. Optimal fluence maps were generated by an in-house automatic fluence optimization program for target coverage and homogeneous dose distribution, and dose calculation was performed in Eclipse. Automatically generated plans were compared with manually generated plans for target coverage and lung and heart sparing. Results: The program successfully produced a set of beam parameters for every patient. Beam optimization time ranged from 10 to 120 s. The automatic plans had overall comparable plan quality to manually generated plans. For all testing cases, the mean target V95% was 91.0% for the automatic plans and 88.5% for manually generated plans. The mean ipsilateral lung V20Gy was lower for the automatic plans (15.2% vs 17.9%). The heart mean dose, maximum dose of the body, and conformity index were all comparable. Conclusion: We developed an automated goal-driven beam setting optimization program for whole-breast radiation therapy. It provides clinically relevant solutions based on previous clinical practice as well as patient specific anatomy on a substantially faster time frame.
Prevalence, risk factors, and glycaemic control of type 2 diabetes mellitus in eastern Sudan: a community-based study
Authors: Omar Saeed M. , Musa Imad R. , ElSouli Amir , Adam Ishag 
Published: June 2019

Background: Diabetes mellitus (DM) constitutes a global health threat and burden, especially in developing countries. We conducted a cross-sectional study in Gadarif in eastern Sudan to evaluate the prevalence and glycaemic control of patients with type 2 diabetes mellitus (T2DM). Methods: We performed a cross-sectional community-based study. Data on blood glucose levels, and anthropometric, demographic and clinical history data were obtained. Results: Six hundred Sudanese adults with a mean (SD) age of 44.9 (16.5) years were enrolled. More than two-thirds (70.3%) of the study participants were women. The prevalence of T2DM, newly diagnosed T2DM and uncontrolled T2DM was 20.8%, 10.0% and 80.0%, respectively. Logistic regression analysis showed no significant association between education, marital status, body mass index, waist circumference and DM. However older age (AOR = 4.88, 95% CI = 3.09–7.70) and a family history of DM (AOR = 2.58, 95% CI = 1.59–4.20) were associated with T2DM. Conclusion: The prevalence of T2DM is high among the Sudanese population, especially in older people and those with a family history of DM. The high prevalence of uncontrolled DM in this setting is another hidden burden.
Comparison of Pulmonary Function After Selective Anterior Versus Posterior Fusion for the Correction of Thoracolumbar and Lumbar Adolescent Idiopathic Scoliosis
Authors: Demura Satoru , Watanabe Kota , Suzuki Teppei , Saito Toshiki , Yamamoto Takuya , Kotani Toshiaki , Nohara Ayato , Tsuji Taichi , Ogura Yoji , Tsuchiya Hiroyuki , Uno Koki , Matsumoto Morio , Kawakami Noriaki ,   Japan Spinal Deformity Institute
Published: June 2019

Study Design: Retrospective multicenter study. Objectives: To compare the selective anterior spinal fusion (ASF) versus posterior spinal fusion (PSF) on postoperative pulmonary function testing (PFT) whether thoracotomy with separation of the diaphragm by anterior approach influences the PFT in thoracolumbar and lumbar adolescent idiopathic scoliosis (AIS). Methods: A multicenter series of AIS patients who underwent selective spinal fusion were retrospectively reviewed. Seventy-nine female patients were included (mean 15.8 years). There were 35 patients in the ASF group and 44 patients in the PSF group. Patient demographics, radiographic measurements, and PFT data from preoperative to 2-year follow-up were analyzed. Results: Preoperatively, there were no significant differences in PFTs between the groups. The ASF group patients were more likely to undergo shorter fusions (4.5 instrumented vertebral levels) than those in the PSF group (5.2 levels). At 2-year follow-up, forced vital capacity (FVC) and forced expiratory volume in 1 second (FEV1) in ASF group were statistically lower than those in PSF group. When comparing preoperative and 2-year changes on each procedure, only %FVC showed significant difference in ASF while FVC, FEV1, and %FEV1 did not. Meanwhile, the ASF group showed a significant decrease in FVC at 6 and 12 months compared to preoperative values. In PSF group, there was a decrease at 6 months, returned to preoperative value at 1-year follow-up. Conclusions: Pulmonary function after ASF and PSF was similar at 2 years; however, anterior group did not return to the baseline at 6 months and 1 year suggesting anterior approach may affect early postoperative pulmonary function.