Chai, Daniel; Choi, Daniel - In: Applied Financial Economics 20 (2010) 11, pp. 891-898
Recently, Kaniel et al. (2005) find that the Investor Recognition Hypothesis (IRH) is valid across countries. The New Zealand (NZ) stock market is among the developed countries which exhibit significant High-Volume Return Premiums (HVRP) supporting the IRH. In this article, we reexamine Kaniel...