The Impact of Industry Concentration on the Market's Ability to Anticipate Future Earnings: International Evidence

2008 ◽  
Author(s):  
In-Mu Haw ◽  
Bingbing Hu ◽  
Jay Junghun Lee ◽  
Woody Y. Wu
Keyword(s):  
Industry Concentration ◽  
Future Earnings ◽  
International Evidence ◽  
The Impact

The impact of industry concentration on the market’s ability to anticipate future earnings

2016 ◽  
Vol 24 (4) ◽  
pp. 443-475 ◽  
Author(s):  
In-Mu Haw ◽  
Bingbing Hu ◽  
Jay Junghun Lee ◽  
Woody Wu
Keyword(s):  
Stock Returns ◽  
Market Power ◽  
Information Transfer ◽  
Positive Impact ◽  
Product Market ◽  
Industry Concentration ◽  
Firm Level ◽  
Content Type ◽  
Future Earnings ◽  
The Impact

Purpose The existing literature has established the importance of industry concentration in explaining firm performance and information environments. However, little is known about whether and how industry concentration affects investors’ ability to anticipate future earnings. This paper aims to investigate this query by identifying and testing two channels, product market power and intra-industry information transfer, through which industry concentration affects the informativeness of stock returns about future earnings. Design/methodology/approach The paper measures the informativeness of stock returns about future earnings by the future earnings response coefficient (FERC)). This study estimates the FERC using a firm-level sample from 38 economies. Findings The authors find that industry concentration significantly enhances investors’ ability to predict future earnings. Further tests show that both product market power and intra-industry information transfer contribute to explaining the positive association between industry concentration and the FERC, with the former playing a more salient role. Finally, the authors show that a country’s effective competition law attenuates the positive impact of industry concentration on the FERC by weakening the economic impact of the two underlying channels. Originality/value This study contributes to the growing literature on the price-leading-earnings relation, industry concentration and international corporate governance.

scholarly journals Lesbian, Gay, Bisexual, and Trans Aging in a U.K. Context: Critical Observations of Recent Research Literature

2019 ◽  
Vol 89 (1) ◽  
pp. 93-107 ◽  
Author(s):  
Kathryn Almack ◽  
Andrew King
Keyword(s):  
Older Adults ◽  
Empirical Research ◽  
Evidence Base ◽  
Research Literature ◽  
Future Research ◽  
Policy And Practice ◽  
International Evidence ◽  
Care Systems ◽  
The Impact ◽  
People’S Perceptions

In this article, we provide critical observations of empirical research from leading U.K. researchers relating to the lives of lesbian, gay, bisexual, and trans older adults. We suggest learning that may be applied in differing global contexts as well as contributing to the development of an international evidence base. We illustrate the importance of paying attention to distinct health and care systems and legislation, which present global differences as well as similarities in terms of lesbian, gay, bisexual, and trans people’s perceptions and access to resources. With this contextual background, we then discuss the cutting-edge U.K. research in this field from 2010 onward. We identify key strengths including the contribution our evidence has made to policy and practice and the development of theoretical insights such as the impact of intersectionality. The article concludes with a discussion of future research in this field which has relevance at national and international levels.

Taking an Evidence-Based Approach to Evidence-Based Policing Research

2020 ◽  
Author(s):  
Laura Boulton ◽  
Rebecca Phythian ◽  
Stuart Kirby ◽  
Ian Dawson
Keyword(s):  
Mixed Method ◽  
Practical Implementation ◽  
Evidence Based ◽  
Research Projects ◽  
International Evidence ◽  
Growing Body ◽  
Key Features ◽  
Evidence Based Policing ◽  
The Impact ◽  
Method Approach

Abstract A growing body of international evidence reflects the increasing recognition of evidence-based policing (EBP) and the co-production of research, yet the extent of which such research is being implemented remains unclear. This study seeks to explore the efficacy of EBP in relation to practical implementation issues and assess the impact research is having on practice, both within and external to a specific Constabulary. Twenty-nine research studies, conducted in association with the Constabulary, were examined using a mixed-method approach. Of the total projects, 52% of projects were found to have generated a change to practice or policy. The key features of research that were associated with impact included: (i) mixed-method data collection, (ii) transferability, and (iii) increased dissemination that engaged practitioner and academic audiences. Practically, these findings suggest that EBP research projects can be designed and disseminated in a way that increases the likelihood of implementing the findings to change practice.

International evidence on the impact of adopting English as an external reporting language

2014 ◽  
Vol 46 (2) ◽  
pp. 180-205 ◽  
Author(s):  
Thomas Jeanjean ◽  
Hervé Stolowy ◽  
Michael Erkens ◽  
Teri Lombardi Yohn
Keyword(s):  
International Evidence ◽  
External Reporting ◽  
The Impact

scholarly journals BANKING INDUSTRY CONCENTRATION AND NET INTEREST MARGINS (NIMS) IN PAKISTAN

2013 ◽  
Vol 15 (2) ◽  
pp. 384-402 ◽  
Author(s):  
Ijaz Hussain
Keyword(s):  
Stock Market ◽  
Commercial Banks ◽  
Banking Sector ◽  
Operating Cost ◽  
Industry Concentration ◽  
Market Development ◽  
Stock Market Development ◽  
Interest Margins ◽  
The Impact ◽  
Bank Soundness

This paper uses bank level data of 26 commercial banks for the period 2001–2010 to explore determinants of net interest margins of commercial banks of Pakistan. Based on results of this study, past net interest margins, bank soundness, operating cost, industry concentration, relative market share, inflation, real depreciation and industrial growth have statistically significant and positive impact while diversification, change in bank size, lagged liquidity, stock market development have dampening effects on net interest margins. However, impact of ownership, GDP and credit market development is statistically insignificant. Our regression results suggest that stock market development as means of alternative source of finance contributes to reduction in net interest margins while the impact of banking sector development on breaking banking cartels and bringing net interest margins down had been insignificant. Exchange rate adjustments, rate of inflation and growth of the industry also cannot be ignored in management of net interest margins. Incentives for bank executives and managers to ensure efficiency in operating costs, reduction in the premium charged for bank soundness, diversification of bank activities and passing on the scale efficiencies to both depositors and borrowers can also play role to bring interest margins down to accelerate investment and growth in the country.

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