Short-Term and Long-Term Performance Persistence: A Comparative Study of UK Investment Trusts

2018 ◽  
Author(s):  
Michel Guirguis
Keyword(s):  
Comparative Study ◽  
Performance Persistence ◽  
Short Term ◽  
Investment Trusts ◽  
Long Term Performance ◽  
Term Performance

Persistent Blessings of Luck: Theory and an Application to Venture Capital

2021 ◽  
Author(s):  
Lin William Cong ◽  
Yizhou Xiao
Keyword(s):  
Venture Capital ◽  
Dynamic Model ◽  
Performance Persistence ◽  
Assortative Matching ◽  
Short Term ◽  
Double Moral Hazard ◽  
Path Dependent ◽  
Long Term Performance ◽  
Term Performance

Abstract Persistent performance in venture capital is routinely interpreted as evidence for skill. We present a dynamic model of delegated investment with endogenous fund heterogeneity and deal flow, which generates performance persistence without skill differences and predicts mean reversion in long-term performance. Investors working with multiple funds use contingent payments and tiered contracts to induce proper project nurturing and managerial effort. Successful funds receive continuation contracts that tolerate investment failure and encourage innovation, and subsequently finance entrepreneurs through a path-dependent assortative matching favoring incumbents. Recent empirical findings corroborate the models general implications, and the economic mechanisms are robust to short-term contracting, endogenous bargaining, and double moral hazard issues.

scholarly journals Post-Acquisition Performance of Emerging Market Firms: A Multi-Dimensional Analysis of Acquisitions in India

2021 ◽  
Vol 14 (12) ◽  
pp. 567
Author(s):  
Arindam Das
Keyword(s):  
Structural Equation ◽  
Emerging Market ◽  
Empirical Studies ◽  
Short Term ◽  
Firm Level ◽  
Acquisition Performance ◽  
Long Term Performance ◽  
Term Performance ◽  
A Performance

M&A performance is a multifaceted, compound construct with no overarching factor that captures all different dimensions. This paper examines the concept of acquisition performance and proposes a model that links firm-level factors and transaction parameters with firms’ short-term and long-term performance, extending to financial-, market- and innovation measures. Building on past empirical studies on the influence of various factors on M&A performance, a multi-dimensional structural equation model has been developed and it has been tested with a dataset on acquisitions in the Indian technology sector over a period of ten years. The results suggest that: (a) smaller acquirers with higher book value and leveraged firms demonstrate better long-term performance; (b) contrary to established understanding, short-term market returns are not influenced by deal parameters; (c) majority stake purchases show relatively lesser gains—suggesting the possible presence of post-acquisition integration issues and, (d) acquirers with high intangible assets continue to do well on innovation performance post-acquisition. By indicating situations and conditions under which an acquisition would potentially lead to a performance gain for the acquirer, these results provide significant insight to practitioners pursuing M&As for growth opportunities.

scholarly journals Does Corporate Charitable Giving Help Sustain Corporate Performance in China?

2019 ◽  
Vol 11 (5) ◽  
pp. 1491 ◽  
Author(s):  
Keling Wang ◽  
Yaqiong Miao ◽  
Ching-Hui Su ◽  
Ming-Hsiang Chen ◽  
Zhongjun Wu ◽  
...  
Keyword(s):  
Charitable Giving ◽  
Corporate Performance ◽  
Sales Growth ◽  
Short Term ◽  
Return On Equity ◽  
Long Term Performance ◽  
Term Performance ◽  
The Impact ◽  
Total Sales

We examined whether corporate charitable giving (CCG) in China benefits corporate performance (CP) in terms of sales growth (SG), return on asset (ROA), return on equity (ROE), and Tobin’s Q (TQ), and revealed several findings. First, testing shows variation in the impact of CCG on CP. Whereas the ratio of corporate charitable giving (RCCG) to total sales revenue does not significantly enhance SG, ROA, and ROE, it is positively related to TQ. Second, the positive relationship between RCCG and TQ originates from non-state-owned firms (NSOFs) rather than state-owned firms (SOFs). Third, Chinese firms may use CCG as traditional philanthropy to enhance long-term performance instead of strategically using it to generate short-term performance. Lastly, an inverted U-shaped relationship exists between RCCG and TQ, especially for NSOFs.

scholarly journals The Evaluation of Short- and Long-Term Performance of Cold-Mix Asphalt Patching Materials

2020 ◽  
Vol 2020 ◽  
pp. 1-11
Author(s):  
Chien-Wei Huang ◽  
Tsung-Han Yang ◽  
Guan-Bo Lin
Keyword(s):  
Stability Result ◽  
Short Term ◽  
Curing Conditions ◽  
Initial Stability ◽  
Service Durability ◽  
Highly Correlated ◽  
Marshall Stability ◽  
Long Term Performance ◽  
Term Performance

Potholes, one of the major types of distress on pavement surfaces, damage vehicles and are a safety hazard for the travelling public. In order to mitigate the effect of potholes, cold-mix asphalt (CMA) patching materials are commonly used for urgent repair of pavement surfaces before resurfacing can be undertaken. Therefore, the short-term (initial stability) and long-term (in-service durability) performance evaluation of CMA patching materials is necessary. This study conducted several curing conditions in the laboratory to investigate short-term, long-term, and moisture effects on pavement surfaces. Moreover, this study compared the Marshall stability of samples prepared under various compaction conditions. Marshall stability, Cantabro abrasion, and UK wheel tracking tests were conducted to evaluate the performance of CMA patching materials. The results indicated that the Marshall stability of dense-gradation (DG) CMA patching materials was higher than that of open-graded (OG) CMA patching materials and the Marshall stability of OG CMA patching materials was highly influenced by the coarse aggregate proportion. The DG and OG CMA patching materials exhibited comparable abrasion resistance, and the Cantabro abrasion ratio was highly correlated to the estimated asphalt film thickness for the OG CMA patching materials. A moisture indicator (MI) was proposed, and the effect of moisture damage on Marshall stability and Cantabro abrasion ratio was related to the proposed MI. The rutting resistance of the DG CMA patching materials was higher than that of the OG CMA patching materials, which is consistent with the Marshall stability result.

scholarly journals PENGARUH TANGGUNG JAWAB SOSIAL PERUSAHAAN TERHADAP KINERJA PERUSAHAAN PERBANKAN

2019 ◽  
Vol 11 (1) ◽  
pp. 15
Author(s):  
Heni Swastika ◽  
Titik Aryati
Keyword(s):  
Hypothesis Test ◽  
Total Sample ◽  
Short Term ◽  
Asset Turnover ◽  
Corporate Social ◽  
Long Term Performance ◽  
Term Performance ◽  
A Company ◽  
Positive Effect

<p class="Style1"><em>This Thesis is done in order to give empirical prove about Corporate Social </em><em>Responsibily (CSR) related to Company Financial Performance (productivity and value </em><em>of a company). In this Thesis, company's performance devided in short term </em><em>performance and long term performance. Company's short term performance is company's productivy based on Asset Turnover (ATO), while Company's long term </em><em>pe</em><em>4</em><em>formance </em><em>is company's value </em><em>based on Price to Book Value (PBV). Corporate Social Reponsibility (CSR) performance is measured with Sustainability Report Disclosure Index (SRDI). Population used in this thesis is the company that have been registered in Bursa Efek Indonesia (BEI) in a certain period between 2012 until 2014. Total sample for this Thesis are 31 Banking company which is chosen using purposive sampling method. The data for this thesis is analyzed using classical assumption test and hypothesis test using Doubled Linear Regression. This research proves that Corporate Social Responsibility (CSR) brings positive effect related to Productivity of a Company and Value of a Company.</em></p>

scholarly journals Ornamental Landscape Performance of Native and Nonnative Grasses under Low-input Conditions

2009 ◽  
Vol 19 (2) ◽  
pp. 267-285 ◽  
Author(s):  
Mack Thetford ◽  
Jeffrey G. Norcini ◽  
Barry Ballard ◽  
James H. Aldrich
Keyword(s):  
Native Species ◽  
Panicum Virgatum ◽  
The Other ◽  
Individual Species ◽  
Short Term ◽  
Low Input ◽  
Landscape Performance ◽  
Long Term Performance ◽  
Term Performance

Full sun trial gardens (full sun) were established at Leon County (LC) and Santa Rosa County (SRC), Florida, to evaluate the effect of site on horticultural performance traits pertinent to landscape use (long-term growth, flowering, vigor, overall quality, and survival) of native and nonnative warm season grasses when grown under low-input landscape conditions over a 3-year period. The gardens contained landscape fabric- (LC) or plastic (SRC)-covered rows, with the synthetic mulch at each site covered by 4 inches of hardwood chip mulch. Fifteen native and eight nonnative grass species, and cultivars were evaluated as were the two grass-like species black flowering sedge (Carex nigra) and narrowleaf silkgrass (Pityopsis graminifolia), a native dicot with grass-like foliage. Many of the native species were derived from seeds or plants collected from naturally occurring populations in Florida, and other species or cultivars were obtained from commercial sources. Based on quality ratings and survival, a majority of the species and cultivars were rated as at least being marginally acceptable for 2 years or more, but only six species and cultivars were rated as excellent or good over all 3 years. Four of these six species were native, with 100% survival at both sites occurring only for purpletop tridens (Tridens flavus). The other three native species, gulf hairawn muhly, (Muhlenbergia capillaris var. filipes), ‘Alamo’ switchgrass (Panicum virgatum), and indian woodoats (Chasmanthium latifolium) had high rates of survival. Porcupine grass (Miscanthus sinensis ‘Strictus’) and ‘Cabaret’ silver grass (M. sinensis ssp. condensatus) were the only two nonnative species demonstrating potential for long-term performance in a low-input landscape at both sites. Three of the four cultivars of miscanthus (Miscanthus spp.) survived the entire evaluation period in SRC, while two cultivars suffered losses only in LC, demonstrating the importance of site effects on the long-term performance of individual species or cultivars of grasses. Chalky bluestem (Andropogon capillipes) (Orange County, FL), sand lovegrass (Eragrostis trichoides), giant silver grass (Miscanthus ×giganteus), and bamboo muhly (Muhlenbergia dumosa) each survived 3 years at one site but only 1 year at the other site. Pineland threeawn (wiregrass) (Aristida stricta), ‘Red Baron’ cogon grass (japanese blood grass) (Imperata cylindrical), ‘Hameln’ fountain grass (Pennisetum alopecuroides), black flowering fountain grass (P. alopecuroides ‘Moudry’), and ‘Feesey Form’ ribbon grass (Phalaris arundinaceae) were categorized as marginal for low-input landscapes and could only be considered short-term perennials under the conditions of this test. ‘Morning Light’ silver grass (M. sinensis), coastal bluestem (Schizachyrium maritimum), and ‘Lometa’ indiangrass (Sorghastrum nutans) had good 2-year landscape performance and survived at least 2 years at both sites. Bigtop lovegrass (Eragrostis hirsuta), silver plumegrass (Saccharum alopecuroides), and lopsided indiangrass (Sorghastrum secundum) were categorized as having excellent 1-year landscape performance and have potential for short-term performance under low-input conditions. Chalky bluestem (Andropogon capillipes) (SRC), black flowering sedge, ‘Heavy Metal’ switchgrass (Panicum virgatum), and narrowleaf silkgrass were categorized as having good 1-year landscape performance.

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