The distributional characteristics and the proportionality of two market-based security ratios, the Earnings Yield and the Dividend Yield, are tested using Finnish data. The results indicate both of the ratios to be proportional in nature. However, being positively skewed, the Dividend Yield...

Contrary to expectations, the continuous decline in money market interest rates between 2009 and 2014, and the following negative era for European interbank markets, has positively affected profitability of Finnish cooperative banks. We obtain these results that contrast sharply with previous...

This study focuses on post-earnings-announcement drift in an emerging market and whether it is associated with the trading activity of non-institutional trading around interim earnings announcements. We separate the stock trading activity of Finnish households into five trading classes. Data is...

This study focuses on non-institutional trading behavior around interim earnings announcements in the emerging market. We separate the stock trading activity of Finnish households into five trading classes and compare the results to institutional trading. Data covering the years 1996-2000 shows...

Utilizing a comprehensive data set on daily holdings of Finnish stocks, this paper examines momentum trading and herding of active vs. passive investors during the information technology (IT) stock bubble period of 1997-2000. Modern stock markets are characterized with tremendous amount of...

One of the questions in recent stock market research has been the analysis of trading activity, and its profitability effects. It is hypothesized that investors trade excessively in a sense that their strategies underperform the alternative quot;buy-and-holdquot; strategy. One of the reasons for...

Factor and transformation analysis are used to find stable categories of financial ratios, and to test hypotheses concerning accrual ratios, cash flow ratios, and market-based ratios. Six stable factors are observed for Finnish data covering 1974-84. Contrary to expectations market-based ratios...

Moderator's Note: Due to the limited circulation of the Finnish Journal of Business Economics, I decided to classify this paper as substantially "unpublished" for the purpose of applying the newsgroup charter. This is an experiment that may or may not be continued as the newsgroup matures. I...

This paper examines the empirical properties of common stock systematic risk estimates measured from daily, weekly and monthly return intervals in the Finnish stock market. Firstly, the effects of infrequent trading on betas measured from the three return intervals are analysed. Secondly, it is...