Pub Date : 2018-11-30DOI: 10.3905/jpe.2018.22.1.087
Youness Jouilil, Houda Lechheb
Our research examines the effect Moroccan Health Insurance (MHI) on individual’s healthcare utilization and expenditures. We analyzed a random sample of 8000 households produced by the National Observatory of Human Development and found that the RAMED plan insures about 21.1% of them and that the Compulsory Health Insurance (AMO) covers 22.2 %. We found that the MHI is a positive influence on the utilization among beneficiaries and reduces the individual health costs, especially among the RAMed recipients.
{"title":"Effect of Moroccan Health Insurance on Individuals’ Healthcare Utilization and Expenditures: A Hicket Model","authors":"Youness Jouilil, Houda Lechheb","doi":"10.3905/jpe.2018.22.1.087","DOIUrl":"https://doi.org/10.3905/jpe.2018.22.1.087","url":null,"abstract":"Our research examines the effect Moroccan Health Insurance (MHI) on individual’s healthcare utilization and expenditures. We analyzed a random sample of 8000 households produced by the National Observatory of Human Development and found that the RAMED plan insures about 21.1% of them and that the Compulsory Health Insurance (AMO) covers 22.2 %. We found that the MHI is a positive influence on the utilization among beneficiaries and reduces the individual health costs, especially among the RAMed recipients.","PeriodicalId":43579,"journal":{"name":"Journal of Private Equity","volume":"22 1","pages":"87 - 90"},"PeriodicalIF":0.0,"publicationDate":"2018-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42268051","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-11-30DOI: 10.3905/JPE.2018.22.1.036
J. Collard
You need these fellows to increase cash flow and provide valuable guidance, contacts, growth, and credibility. Companies committed to going through significant business change need advice. Outside directors bring an independent perspective, develop strategic thinking and planning, utilize their experience and objectivity, provide their contacts Rolodex, find capital to finance the company, and guide transaction activity. After all, you have nothing to lose, and everything to gain by considering their advice when you make decisions that will influence your company. Remember, the key is for the CEO and management team to listen to the information given and factor these inputs into their thinking, then make decisions.
{"title":"Why Hire Outside Directors When Private Companies Don’t Have To? Change! Break the Status Quo. Rejuvenate","authors":"J. Collard","doi":"10.3905/JPE.2018.22.1.036","DOIUrl":"https://doi.org/10.3905/JPE.2018.22.1.036","url":null,"abstract":"You need these fellows to increase cash flow and provide valuable guidance, contacts, growth, and credibility. Companies committed to going through significant business change need advice. Outside directors bring an independent perspective, develop strategic thinking and planning, utilize their experience and objectivity, provide their contacts Rolodex, find capital to finance the company, and guide transaction activity. After all, you have nothing to lose, and everything to gain by considering their advice when you make decisions that will influence your company. Remember, the key is for the CEO and management team to listen to the information given and factor these inputs into their thinking, then make decisions.","PeriodicalId":43579,"journal":{"name":"Journal of Private Equity","volume":"22 1","pages":"36 - 41"},"PeriodicalIF":0.0,"publicationDate":"2018-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44580450","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-11-30DOI: 10.3905/jpe.2018.22.1.052
T. Bee
Do special considerations apply to valuation in the case of large global chemical distributors? This study seeks to identify whether Income-based Discounted Cash Flow method based on projected future income would be suitable to value international chemical distributors. Two- and Three-stage Discounted Cash Flow models will be used. The expected companies’ enterprise and equity value are compared with the existing companies’ valuations. A base, bear and bull case scenario will be set up to establish the range of the company’s value for comparison with the existing valuation. This study adopts a single multiple-case study approach where actual financial data from three of the world’s largest chemical distributors were used to establish the existing companies’ valuation to demonstrate the validity and applicability of the Discounted Cash Flow method for sensitivity analysis.
{"title":"Discounted Cash Flow Method for Valuing International Chemical Distributors","authors":"T. Bee","doi":"10.3905/jpe.2018.22.1.052","DOIUrl":"https://doi.org/10.3905/jpe.2018.22.1.052","url":null,"abstract":"Do special considerations apply to valuation in the case of large global chemical distributors? This study seeks to identify whether Income-based Discounted Cash Flow method based on projected future income would be suitable to value international chemical distributors. Two- and Three-stage Discounted Cash Flow models will be used. The expected companies’ enterprise and equity value are compared with the existing companies’ valuations. A base, bear and bull case scenario will be set up to establish the range of the company’s value for comparison with the existing valuation. This study adopts a single multiple-case study approach where actual financial data from three of the world’s largest chemical distributors were used to establish the existing companies’ valuation to demonstrate the validity and applicability of the Discounted Cash Flow method for sensitivity analysis.","PeriodicalId":43579,"journal":{"name":"Journal of Private Equity","volume":"22 1","pages":"52 - 69"},"PeriodicalIF":0.0,"publicationDate":"2018-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49570855","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-11-30DOI: 10.3905/JPE.2018.22.1.031
Nevena Simidjiyska
On August 13th, President Trump signed into law the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA). FIRRMA overhauls and significantly expands the jurisdiction of the Committee on Foreign Investment in the U.S. (CFIUS), which reviews, modifies and has the power to prohibit certain foreign acquisitions and investments in U.S. businesses, including private equity and other fund investments. FIRRMA significantly expands the reach of CFIUS beyond transactions that result in foreign control, gives CFIUS the ability to review a much broader set of industries, and makes the review of certain investments mandatory. The expansion will re-shape the way that private equity transactions will be structured going forward.
{"title":"CFIUS Expanded—How will the Broadened Scope Affect Private Equity?","authors":"Nevena Simidjiyska","doi":"10.3905/JPE.2018.22.1.031","DOIUrl":"https://doi.org/10.3905/JPE.2018.22.1.031","url":null,"abstract":"On August 13th, President Trump signed into law the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA). FIRRMA overhauls and significantly expands the jurisdiction of the Committee on Foreign Investment in the U.S. (CFIUS), which reviews, modifies and has the power to prohibit certain foreign acquisitions and investments in U.S. businesses, including private equity and other fund investments. FIRRMA significantly expands the reach of CFIUS beyond transactions that result in foreign control, gives CFIUS the ability to review a much broader set of industries, and makes the review of certain investments mandatory. The expansion will re-shape the way that private equity transactions will be structured going forward.","PeriodicalId":43579,"journal":{"name":"Journal of Private Equity","volume":"22 1","pages":"31 - 35"},"PeriodicalIF":0.0,"publicationDate":"2018-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48466942","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-11-30DOI: 10.3905/jpe.2018.22.1.017
Johnny G. Mathis
The following article tracks the leading trends in Artificial Intelligence (“AI”), focusing specifically on companies in the Financial Services, Healthcare and Business Services arenas. Wide-ranging exploration in the space charted the many breakthroughs and triumphs in developing AI and the roadblocks in commercializing the technology in areas such as self-driving, machine-diagnosing and the future of autonomous decisions. A clear consensus on the future of AI is automation, particularly where traditional systems are reaching natural limits. For example, in Healthcare, hospice has experienced very little innovation. However, the aging population is taxing the hospice system with a heavy burden falling on otherwise productive family members. How can AI add capacity or improve the effectiveness of hospice? It seems inevitable that AI will play a role by progressing quality in the future of our lives.
{"title":"Artificial Intelligence Update—Gaining Ground across Many Sectors","authors":"Johnny G. Mathis","doi":"10.3905/jpe.2018.22.1.017","DOIUrl":"https://doi.org/10.3905/jpe.2018.22.1.017","url":null,"abstract":"The following article tracks the leading trends in Artificial Intelligence (“AI”), focusing specifically on companies in the Financial Services, Healthcare and Business Services arenas. Wide-ranging exploration in the space charted the many breakthroughs and triumphs in developing AI and the roadblocks in commercializing the technology in areas such as self-driving, machine-diagnosing and the future of autonomous decisions. A clear consensus on the future of AI is automation, particularly where traditional systems are reaching natural limits. For example, in Healthcare, hospice has experienced very little innovation. However, the aging population is taxing the hospice system with a heavy burden falling on otherwise productive family members. How can AI add capacity or improve the effectiveness of hospice? It seems inevitable that AI will play a role by progressing quality in the future of our lives.","PeriodicalId":43579,"journal":{"name":"Journal of Private Equity","volume":"22 1","pages":"17 - 18"},"PeriodicalIF":0.0,"publicationDate":"2018-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43636451","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-11-30DOI: 10.3905/jpe.2018.22.1.010
Jeffrey M. Pomerance, David McCarthy
Private equity investing, especially in the middle market, has never been hotter. Market conditions are ideal, and fundraising is at historic levels. Despite this appearance, however, actual results suggest that something is wrong. Portfolio companies are not hitting their expansion targets, with many deals failing even to recover their initial investment. Making it on the “front end” by outsmarting the market or finding that truly undervalued company and watching it appreciate over time, may no longer work. The “leverage” game may very well be over; it is certainly not a safe bet going forward. Rather, to continue to bask in significant investment returns, private equity investors need to make it up on the “back end” by working their deals and, in many instances, anticipating and managing problems quickly. In short, the private equity investment model needs to change, with investors taking a more “active” role in improving the performance of their portfolio companies. There are several steps that investors should adopt which, when implemented, can help private equity investors enhance results and reach return targets.
{"title":"Private Equity Investing 2018: Rethinking the Private Equity Investment Model to Build Value","authors":"Jeffrey M. Pomerance, David McCarthy","doi":"10.3905/jpe.2018.22.1.010","DOIUrl":"https://doi.org/10.3905/jpe.2018.22.1.010","url":null,"abstract":"Private equity investing, especially in the middle market, has never been hotter. Market conditions are ideal, and fundraising is at historic levels. Despite this appearance, however, actual results suggest that something is wrong. Portfolio companies are not hitting their expansion targets, with many deals failing even to recover their initial investment. Making it on the “front end” by outsmarting the market or finding that truly undervalued company and watching it appreciate over time, may no longer work. The “leverage” game may very well be over; it is certainly not a safe bet going forward. Rather, to continue to bask in significant investment returns, private equity investors need to make it up on the “back end” by working their deals and, in many instances, anticipating and managing problems quickly. In short, the private equity investment model needs to change, with investors taking a more “active” role in improving the performance of their portfolio companies. There are several steps that investors should adopt which, when implemented, can help private equity investors enhance results and reach return targets.","PeriodicalId":43579,"journal":{"name":"Journal of Private Equity","volume":"22 1","pages":"10 - 16"},"PeriodicalIF":0.0,"publicationDate":"2018-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43397509","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-11-30DOI: 10.3905/jpe.2018.22.1.001
F. Mathis
The Winter 2018 issue of The Journal of Private Equity confirms a pattern of continuing expansion in funding power but with a second-half (particularly in the fourth quarter) slowing trend compared to the same period in 2017 according to Christopher Elvin of Preqin. Fundraising by type shows buyout, growth, and venture capital led three-quarter results with North America showing a substantial lead over the total growth in Europe, Asia, and the Rest of the World together. Meanwhile, dry powder continues to rise to $1.14 trillion as of October 2018, and Limited Partner (LP) investor’s confidence is showing signs of weakening somewhat. (Please refer to “Snapshot” at the back of this issue for more details.) US economic growth momentum is entering its tenth year driven by increasing business and government investment and growing consumer demand from a now more-fully employed labor force. Beginning in October and into November an increase in the volatility of equity markets suggests a change in expectations. October data for most of the US economic outlook indicators continue to be positive for sustainable growth, but several indicators (e.g., ISM Manufacturing Index), are turning less positive ref lecting some uncertainties creeping into future growth expectations leading into 2019. However, so far there is no confirming evidence of a recession anytime soon. Since the August (Fall issue) theme of The Journal of Private Equity there has been a significant increase in US equity market volatility. This change ref lects a rising uncertainty among investors and financial advisors. The uncertainty stems from US political mid-term elections and current US economic policy actions. The deterioration in expectations is in response to three key factors. First, the tightening monetary policy with rising interest rates raising borrowing and repayment costs on variable rate loans. Second, a growing government budget deficit elevating its financing requirement that is contributing to rising bond yields and crowding out of private sector borrowing to support business investment. Third, an appreciating US dollar, and a slowdown in global commerce resulting from rising US trade restrictions vis-a-vis our major trading partners. Much attention focuses on a deteriorating US-China relationship. One possible economic risk that may develop from all three of these actions is a potential rise in US inf lationary pressure and
{"title":"Editor’s Letter","authors":"F. Mathis","doi":"10.3905/jpe.2018.22.1.001","DOIUrl":"https://doi.org/10.3905/jpe.2018.22.1.001","url":null,"abstract":"The Winter 2018 issue of The Journal of Private Equity confirms a pattern of continuing expansion in funding power but with a second-half (particularly in the fourth quarter) slowing trend compared to the same period in 2017 according to Christopher Elvin of Preqin. Fundraising by type shows buyout, growth, and venture capital led three-quarter results with North America showing a substantial lead over the total growth in Europe, Asia, and the Rest of the World together. Meanwhile, dry powder continues to rise to $1.14 trillion as of October 2018, and Limited Partner (LP) investor’s confidence is showing signs of weakening somewhat. (Please refer to “Snapshot” at the back of this issue for more details.) US economic growth momentum is entering its tenth year driven by increasing business and government investment and growing consumer demand from a now more-fully employed labor force. Beginning in October and into November an increase in the volatility of equity markets suggests a change in expectations. October data for most of the US economic outlook indicators continue to be positive for sustainable growth, but several indicators (e.g., ISM Manufacturing Index), are turning less positive ref lecting some uncertainties creeping into future growth expectations leading into 2019. However, so far there is no confirming evidence of a recession anytime soon. Since the August (Fall issue) theme of The Journal of Private Equity there has been a significant increase in US equity market volatility. This change ref lects a rising uncertainty among investors and financial advisors. The uncertainty stems from US political mid-term elections and current US economic policy actions. The deterioration in expectations is in response to three key factors. First, the tightening monetary policy with rising interest rates raising borrowing and repayment costs on variable rate loans. Second, a growing government budget deficit elevating its financing requirement that is contributing to rising bond yields and crowding out of private sector borrowing to support business investment. Third, an appreciating US dollar, and a slowdown in global commerce resulting from rising US trade restrictions vis-a-vis our major trading partners. Much attention focuses on a deteriorating US-China relationship. One possible economic risk that may develop from all three of these actions is a potential rise in US inf lationary pressure and","PeriodicalId":43579,"journal":{"name":"Journal of Private Equity","volume":"22 1","pages":"1 - 4"},"PeriodicalIF":0.0,"publicationDate":"2018-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.3905/jpe.2018.22.1.001","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42229013","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-11-30DOI: 10.3905/jpe.2018.22.1.019
Oscar H. Vasco, Stephanie Feit, Jesus Bandres, E. Francis, Nicolas Falkinoff Gips, Diyi “Claire” Chen
This study explored the investment thesis that micro assets outperform macro assets. Micro assets include office and industrial real estate assets acquired at a price between $1 – $10 million. An asset acquired at a cost higher than $10 million is a macro asset. The study used a data sample of 1,025 office and industrial real estate asset transactions collected from the databases CompStak and Co-Star. Data were collected from 1993 to 2016, representing approximately 38 cities across different market tiers. The results obtained from the analysis, with a 90% confidence level, showed that micro assets yielded an 8.76% higher IRR than macro assets. Similarly, the study found, with a 99% confidence level, that the change in the value of micro assets is 15.97% higher than macro assets.
{"title":"Micro Cap Assets versus Macro Cap Assets: The Effect of Asset Size on Financial Performance in Real Estate","authors":"Oscar H. Vasco, Stephanie Feit, Jesus Bandres, E. Francis, Nicolas Falkinoff Gips, Diyi “Claire” Chen","doi":"10.3905/jpe.2018.22.1.019","DOIUrl":"https://doi.org/10.3905/jpe.2018.22.1.019","url":null,"abstract":"This study explored the investment thesis that micro assets outperform macro assets. Micro assets include office and industrial real estate assets acquired at a price between $1 – $10 million. An asset acquired at a cost higher than $10 million is a macro asset. The study used a data sample of 1,025 office and industrial real estate asset transactions collected from the databases CompStak and Co-Star. Data were collected from 1993 to 2016, representing approximately 38 cities across different market tiers. The results obtained from the analysis, with a 90% confidence level, showed that micro assets yielded an 8.76% higher IRR than macro assets. Similarly, the study found, with a 99% confidence level, that the change in the value of micro assets is 15.97% higher than macro assets.","PeriodicalId":43579,"journal":{"name":"Journal of Private Equity","volume":"22 1","pages":"19 - 30"},"PeriodicalIF":0.0,"publicationDate":"2018-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46475058","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The article is an analysis of Private Equity investment deal values across 24 industries by select Private Equity funds from 2007–2016. The purpose of the research is to identify any patterns of movement of deal values. The study established the growth rate of deal values and observed the performance of each Private Equity fund throughout the 10-year period. The purpose of the study is to determine the significance of Private Equity investment for the promotion, growth, and development of industries. In the case of heavy industries such as Energy, Engineering and Construction and Manufacturing, Private Equity investment becomes inevitable, at least as a supplement to government funding. Due to rising disposable income and purchasing power of people, industries such as BFSI (Banking, Financial Services, and Insurance) Retail, and other services such as Travel, Transport, and Telecom are also attracting considerable Private Equity. The role of Private Equity as an indispensable tool for industrialization is emerging and becoming dynamic. Furthermore, the government’s go-ahead attitude towards reforms is further boosting Private Equity investment’s opportunities and impact on India’s economic development.
{"title":"Industry-Wise Investment Pattern of Select Private Equity Funds in India","authors":"K. Zeeshan, Syed Azar","doi":"10.3905/jpe.2018.1.074","DOIUrl":"https://doi.org/10.3905/jpe.2018.1.074","url":null,"abstract":"The article is an analysis of Private Equity investment deal values across 24 industries by select Private Equity funds from 2007–2016. The purpose of the research is to identify any patterns of movement of deal values. The study established the growth rate of deal values and observed the performance of each Private Equity fund throughout the 10-year period. The purpose of the study is to determine the significance of Private Equity investment for the promotion, growth, and development of industries. In the case of heavy industries such as Energy, Engineering and Construction and Manufacturing, Private Equity investment becomes inevitable, at least as a supplement to government funding. Due to rising disposable income and purchasing power of people, industries such as BFSI (Banking, Financial Services, and Insurance) Retail, and other services such as Travel, Transport, and Telecom are also attracting considerable Private Equity. The role of Private Equity as an indispensable tool for industrialization is emerging and becoming dynamic. Furthermore, the government’s go-ahead attitude towards reforms is further boosting Private Equity investment’s opportunities and impact on India’s economic development.","PeriodicalId":43579,"journal":{"name":"Journal of Private Equity","volume":"22 1","pages":"42 - 51"},"PeriodicalIF":0.0,"publicationDate":"2018-11-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47394552","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In modern society, the stock market plays an essential role among different investment tools. It matches capital supply and demand so that the idle capital existing in the community is employed effectively. That is, the capital supplier can get the dividend and capital gain, and capital demander can grow production and daily business operation activity. Most domestic scholars focused on investigating the influence of seasonal effects on the stock market. This study researches the month-of-the-year impact on the stock market. Regression analysis is used to determine if there is a month-of-the-year significance for 28 major industry stocks in Taiwan between 2008 to 2016.
{"title":"Month-of-the-Year Effect Analysis on Taiwan’s 28 Major Industry Stocks","authors":"Tzu-Yi Yang, C. Chou, A. Liang, Yung-Heng Lee","doi":"10.3905/jpe.2018.1.073","DOIUrl":"https://doi.org/10.3905/jpe.2018.1.073","url":null,"abstract":"In modern society, the stock market plays an essential role among different investment tools. It matches capital supply and demand so that the idle capital existing in the community is employed effectively. That is, the capital supplier can get the dividend and capital gain, and capital demander can grow production and daily business operation activity. Most domestic scholars focused on investigating the influence of seasonal effects on the stock market. This study researches the month-of-the-year impact on the stock market. Regression analysis is used to determine if there is a month-of-the-year significance for 28 major industry stocks in Taiwan between 2008 to 2016.","PeriodicalId":43579,"journal":{"name":"Journal of Private Equity","volume":"22 1","pages":"70 - 86"},"PeriodicalIF":0.0,"publicationDate":"2018-11-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43134198","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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