Market performance, drivers

Historical capital market performance at first glance, historical shareholder returns often appear rather erratic. However, it takes only a little math to create transparency for the key drivers historical shareholder returns can be decomposed into components such as peer group performance and company-specific (excess) performance. 

Performance drivers are key indicators of an enterprise s future financial performance. Understanding the cause-and-effect relationships between resource, process, market, and financial performances is essential to understanding the enterprise s strengths and weaknesses. 

Nonetheless, a lot of high-yield investing is done by funds dedicated to the asset class. Drivers of market performance also differ. For these reasons, we have chosen to discuss the high-yield asset class separately from high grade. 

After Vision , a similar strut thickness coronary stent was introduced to the market, the Driver (Medtronic Inc., Minneapolis, MN), which was made of MP35N alloy (Co-20Cr-35Ni-10Mo) and had increased strength and radiopacity compared to stainless steel. Initial clinical trials showed that both - Driver and Vision - had comparable performances [12]. 

This is not to imply that a full-throttle acceleration from rest to that speed is a maneuver frequently executed by the typical driver. The time to 60 mph is rather an easily measured parameter that seiwes as a surrogate for other performance metrics. A car that is slow from 0 to 60 mph will likely have slow response from 40 to 60 mph for freeway merging, or prove lethargic when climbing hills. Reflecting the market preference of the typical new-car buyer, for the average new U.S. passenger car, the acceleration time from 0 to 60 mph has decreased from about 14 seconds in 1975 to fewer than 11 seconds iti 1995. 

Smaller companies tend to have fewer concerns around, for example, system scalability, global WAN performance, and complex systems integration. They are rather more driven by the pure functionality of the ELN that is addressing the specific scientific disciplines of interest. Key drivers in this sector of the market have been medicinal chemistry departments, where the obvious benefits of searching existing reactions by substructure and reaction transformations, the ability to automate stoichiometry calculations, the ability to load spectral information, etc. have made for easy adoption and clear and realizable benefits. 

In addition to the excellent performance properties and the reduction of solvent carriers, waterborne epoxy adhesives were found to have processing advantages. They could be easily applied by conventional coating systems (spray, roller, etc.) they were less hazardous to workers due to lower dermatitis potential and inflammability ventilation equipment costs could be reduced and application equipment could be easily cleaned with soap and water. In many applications, these processing advantages became the primary market drivers for waterborne epoxy adhesives as alternatives to more conventional adhesives. 

There are three basic elements to entrepreneurship in chemical production (Fig. 12.6). The first - estabhshing entrepreneurial focus - means that performance targets have to be set which are driven by the capital markets in a participative process starting from the top - that is, at the business unit or divisional level -and which follow through a transparent value-driver tree in order to determine targets for the front line (see Section 12.2.1). The desired end product is a balanced scorecard for each operational unit with a clear Hnk to the overall profitability of the business unit... 

Our analysis of actual nonfinancial performance as correlated with market value revealed the following value drivers Innovation, Quality, Customer, Management, Alliances, Technology, Brand, Employee, Environment. Multiple, statistically independent measures are used as inputs for each driver in order to ensure a robust model. 

The resultant company-specific model can be tested empirically. The impact of indicators on drivers and, in turn, on overall sustainability can be quantified, and changes in both indicators and drivers can be mapped to such performance factors as stock price, earnings, and market share. 

Despite the present-day dominance of ICE vehicles, recent environmental initiatives have revived interest in electric drives. The interest started with California, New York, and other states and regions with urban centres greatly affected by automotive emissions. Despite a recent survey s findings that expressed the view that there will be a sizable market in the next several years for EVs, the recent sales trend for EVs has not supported this without further qualification. It is now clear that a successful EV must match the ICE vehicle, not only in terms of performance (except some concession to range), but also at no additional cost [11]. This is not to say that there have not been some niche successes drivers and fleet owners of EVs are rediscovering some unexpected benefits of EVs with some sense of exploration collateral attributes such as lower maintenance, near-silent operation, and high torque starts are all benefits that have surprised many converts to the technology. One example in particular is instant cabin heat in winter, which is a current reality in pure EVs but still a number of years in the future for ICE-based vehicles. 

Besides this improvement in the information provided to the market, the above-mentioned increase in competition has made the Debt Agencies improve as much as possible the liquidity of their bonds. As we mention earlier, liquidity, and credit rating are the key drivers of the relative performance of Euro countries bonds and, therefore, the Debt Agencies will try to improve their bonds liquidity as much as possible to decrease their funding costs. In the primary market this increase in liquidity has been patent as explained below. 

In the UK ILS market, the main drivers are the usual payers and receivers of inflation, namely corporate debt issuers and insurance company/ pension fund investors. IL swaps essentially perform a supporting role... 

At present the unique performance of biotechnological products is the main driver of this technology, especially in the pharma and cosmetic markets. API s, active pharma ingredients, are often protein based, like antibodies. These are one of the backbones of red biotechnology. But also other API s and nutrition ingredients, which can only be synthesized in a complex series of chemical steps are nowadays synthesized in microbes. Examples are insulin or vitamins, examples of White Biotechnology. Many of these are described in the beginning of this chapter. 

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