If an asymmetric relation exists between the prices of gold and gold mining stocks, then these firms possess real option characteristics, and therefore, a premium should be added to their valuation. This article examines this proposition, by firstly, using quantile regressions, which are ideally...

Previous studies find that stock price reactions to dividend announcements are positively related to dividend yield, consistent with the dividend-clientele hypothesis. In this paper, we argue that this yield-related clientele effect can be attributed to estimation biases in using preannouncement...