Handbook of Research on Stock Market Globalization
The stock market globalization process has produced historic changes in the structure of stock markets, the effects of which are evident throughout the world. Despite these transformations, there are relatively few sources examining the connections between the globalization process currently under way and previous periods of stock market globalization. This seminal volume fills that gap.
Corporate Social Responsibility and its effect on stock price : A comparison between different types of Corporate Social Responsibility activities and its effect on American firms´ stock price
In today's society there is an increasing globalization. This may create a challenge for publicly- owned firms to make its stocks more attractive in the market for the investors all around the world. One method firms could use to attract new investors is through engagement in Corporate Social Responsibility (CSR) activities; which has in the recent years received a lot of notable attention. On the occasion that there exist different types of CSR activities it would be beneficial for firms to receive broader knowledge about the different impacts that the different activities have on a firm's stock price. Therefore, the purpose of this thesis is to contribute to the literature by investigating if different types of CSR activities have different degree of impact on a firm’s stock price; and if so, which type of activity that would be more preferable for firms to undertake in order to increase their stock price.The effect of a firm’s engagement in CSR activities was studied by the use of an event study. The event study was centered on a firm’s announcements of CSR activities of type environmental, ethical and philanthropic. All the firms considered in the study are American firms and they were all listed on the New York stock exchange (NYSE). The time period used in the study were the years between 2006 and 2016. However, the year of 2008 was excluded because of the financial crisis. To measure whether CSR has an effect on a firm’s stock price a t-test was conducted based on the cumulative average abnormal return (CAAR). A sign test was also performed based on the number of positive CAR’s in the estimation window compared to those in the event window. The cumulative abnormal return (CAR) was also considered in order to draw further conclusions.The study found that a firm’s engagement in CSR did overall, have a positive effect on a firm’s stock price. Further, by studying the results from the various activities; the results show that a firm’s engagement in environmental and ethical CSR activities also have a positive effect on the stock price. Meanwhile, it appeared that philanthropic CSR had no impact on the stock price. To answer the question of which type of CSR activities that is the most beneficial for a firm to engage in if they intend to increase its stock price is to invest in environmental CSR activities.
Household economy and gendered labor in the 17th centurya.d. on Guam
Abstract The gendered division of labor in household economies is well known in documentary accounts of many societies, although archaeological evidence for it is often elusive. Our study compares ethnohistorical accounts of household organization with archaeological patterns at a 17th-century village on the island of Guam in the Marianas archipelago to determine if these different sources of evidence provide similar insights. We investigated archaeological assemblages from two latte (megalithic) buildings to document their economic activities. Unexpected differences in their assemblages revealed that economic activities varied between the two latte buildings. They were domiciles of a single economically integrated household, but their disparate functions likely signaled a gendered division of labor. This study reveals aspects of gendered labor that documentary accounts do not fully describe. Our findings suggest that the assumption that domestic buildings were functionally redundant in traditional societies must be tested on a case-by-case basis.