Academic Writing
Annotated bibliography assignment
1. Koptyug, N., Persson, L., & Tåg, J. (2020). “Should we worry about the decline of the public
corporation? A brief survey of the economics and external effects of the stock market”. The North
American Journal of Economics and Finance, Volume 51, 101061.
Koptyug et al. (2020) investigate the economic effects of the stock market on declining public
corporations. The survey examines the role of the stock market and possible positive and negative
external effects linked to a well-functioning financial market. A positive impact of increased
investments on research and development, labor, and consumer surplus is highlighted by the
study's findings. In addition, the researchers also conclude that agency costs, mispricing of stocks,
and a shortage of liquidity negatively impact corporate governance. Finally, it was shown that local
markets can stimulate innovation and foreign direct investment (FDI), as well as reduce the risk of
unnecessary cross-border acquisitions. A strength of this study lies in its comprehensive analysis
of financial structure literature regarding the decline of public organizations. The study is valuable
because it provides insight into the relative importance of both fundamentally positive and negative
influenced external factors, which is important for future research.
2. Aisyah, A. R., Noor Ain, M. N., Ruzita, A. R. (2022). “DOES ASYMMETRIC INFORMATION
INFLUENCE FOREIGN DIRECT INVESTMENT?” Journal of Sustainability Science and
Management, Volume 17 Number 8, 118-137.
Using the daily stock prices of ASEAN+3 listed companies, Aisyah et al. (2022) examine the
association between asymmetric information through micro-structures and foreign direct
investment (FDI). The study uses illiquidity measures of Amihud and liquidity measures of Amivest
to evaluate information asymmetry in the stock market. Overall, the results of the study
demonstrate that Amihud has a negative relationship with FDI in contrast to Amivest, which has a
positive relationship. A strength of the study is that it provides empirical evidence in the context of
ASEAN+3 using more comprehensive asymmetric information measures, such as Amihud and
Amivest (ratios). Moreover, the study is valuable for future research because it provides insight into
the FDI performance of the finance industry. A further benefit of the study is that it promotes market
transparency and stern disclosure to attract foreign investment into the economy, which is
beneficial for investors and domestic firms.
3. Sarfaraz, A. H., Yazdi, A. K., Hanne, T., Gizem, Ö., Khalili-Damghani, K., & Husseinagha, S.
M. (2022). “Analyzing the investment behavior in the Iranian Stock Exchange during the COVID-19
pandemic using hybrid DEA and data mining techniques”. Mathematical Problems in Engineering,
p1-16, 1667618.
In their study, Sarfaraz et al. (2022) assess the efficiency of various industries of Iran’s largest
stock exchange, Tehran, in the wake of COVID-19. This study employs a hybrid model of data
envelopment analysis (DEA) and data mining techniques to analyze investment behavior in the
Tehran stock market. According to the study, only nine out of 23 industries listed on the Iranian
stock market in 2019 were efficient. Furthermore, by 2020, the number of efficient industries will
have decreased to six. A final finding indicates that industries whose performance was strongly
influenced by COVID-19 had the worst efficiency and performance. One strength of the study is its
proposal of solutions for enhancing performance and efficiency. The study is valuable because it
provides consistent evidence from supporting studies that compare the economic situation with a
normal economy. Moreover, the study provides evidence for the strong effect COVID-19 has had
on an industry, which could lead to future research.
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