Testable Hypotheses Sample Clauses

Testable Hypotheses. First, I address the notion that there is an inverse relation between trading volume and overall dispersion. That is, I hypothesize that as the overall variance in investor beliefs increases, trading volume decreases. The underlying intuition is that trading volume occurs because actual investor beliefs are clustered around consensus – that point at which all investors have identical beliefs regarding an asset’s true value. In the absence of liquidity traders, trading would not occur when there is complete consensus because either all investors have no desire to own the traded asset or all investors wish to own the traded asset. In this rare instance it would be impossible for a transaction to occur. Instead, I hypothesize that investor beliefs tend to cluster around consensus. The more tightly these beliefs are clustered, the less investors will transact. As these beliefs stray from consensus, I expect trading volume to decrease. Therefore, I hypothesize that: H1: There is a positive relation between overall dispersion and trading volume. The intuition here is that those who own the asset typically place a higher value on it than those who do not4. Therefore, when classifying investors, I classify those with higher reservation prices as holders and those with lower reservation prices as non- holders. Figure 1 shows a graphic representation of this requirement where non-holders 3 See Diether, Xxxxxx and Xxxxxxxxx (2002) which relates dispersion in analyst forecasts to future stock returns and finds that the larger the disagreement about a stock's value, the higher the market price (relative to true value) and the lower its future returns. 4 This is based on the underlying assumption of Karpoff (1986) that owners of an asset have higher reservation prices for an asset than non-owners have a mean reservation price of four units and holders have a mean reservation price of eight units. If differential interpretations have an impact on trading volume, a group of individuals with the same beliefs trade because some new piece of information introduced to the market has caused belief dispersion within this group. With respect to the framework of holders and non-holders, this means that within the holders (or non- holders) group an increase in the dispersion of beliefs causes trading volume to increase. I expect that increased dispersion within groups increases trading5. This argument is the basis for my second hypothesis: H2: Within-group dispersion and volume ar...
Sample 1
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Testable Hypotheses. As we have already reported, banking authorities have expressed various concerns in recent years regarding the growth of the covenant-lite loans market. These concerns share the assumption of greater riskiness of such loans due to the absence of restrictions that allow deeper control of the borrower together with the ability to intervene. The Financial Stability Board (2019) also noted that newly issued leveraged loans are generally characterized by ever-decreasing credit quality, and therefore the covenant-lite loans from this point of view could contribute to an increase of this risk. However, given that in recent years this type has become the most widespread in the market, it becomes difficult to hypothesize greater riskiness for covenant-lites when they are now the most frequent, having effectively become the market standard. Our goal is to assess whether such agreements actually reduce or increase the probability of default. Through mediation analysis [53], we aim to understand the decomposition of causal relationships into direct and indirect effects, by first assessing two hypotheses. Hypothesis 1. The absence of a covenant-lite agreement is due to the ability of lenders to identify a greater risk. This hypothesis would be confirmed if the presence of the covenant-lite is significantly related to balance sheet indicators measuring either the vulnerability or the profitability of borrowers. We expect the former to have a negative effect and the latter to have a positive effect on the probability of a covenant-lite agreement. This result would highlight the ability of banks to act as screeners able to reduce information asymmetries [16] and would lead us to a second testable hypothesis. Hypothesis 2. The higher flexibility of the covenant-lite agreement imposes less financial burden on companies. Therefore, all other conditions being equal, there is a significant negative effect of the covenant-lite variable on the default event; i.
Sample 1

Related to Testable Hypotheses

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  • Eligibility Verification (a) HHSC will verify Medicaid eligibility for Dual Eligible Members by the fifth business day of the month following the receipt of the MA Dual SNP’s monthly enrollment file, in accordance with Section 3.02(b). (b) To verify Medicaid eligibility of an individual Member, HHSC agrees to provide the MA Dual SNP with real-time access to HHSC’s claims administrator’s Medicaid eligibility verification system.

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