Showing 1 - 10 of 105
, it is found, has a significant impact on domestic money supply and stock market growth, liquidity and volatility. The …
Persistent link: https://www.econbiz.de/10005119480
This paper addresses the question if there are differences between time patterns in the volatility of investment across … determining investment volatility than the macroeconomic environment. … different industrial sectors. A competitive partial-equilibrium model with quadratic adjustment costs in investment and a GARCH …
Persistent link: https://www.econbiz.de/10005561184
-$80 million) documented in Chen and Ritter (2000) is that issuing firms focus less on price and more on a combination of … investment bank-differentiating factors (such as underwriter prestige, analyst coverage, industry expertise, under-pricing, price … investment banks for floating IPOs. For moderate-sized IPOs, there is a little, but not much evidence that such factors are a …
Persistent link: https://www.econbiz.de/10005561648
We impose a structure on the short-run market inefficiencies in the asset markets and use this structure to identify a structural vector autoregressive model. This novel identification method is based on more reasonable assumptions than the standard approaches and also gives estimates for...
Persistent link: https://www.econbiz.de/10005556339
news hypothesis is consistent with the behavior of US equity prices and with the trends in corpo- rate output, investment …
Persistent link: https://www.econbiz.de/10005561227
Understanding the causal relationship between financial development and economic growth is important in enhancing the economy of a nation. Using the autoregressive distributed lag (ARDL) bounds test approach, this study finds that stock market development is cointegrated with economic growth in...
Persistent link: https://www.econbiz.de/10005561265
equity markets. The 42.4 p.c. fall in the S&P 500 price index between 24 March 2000 - when it reached its all-time high - and … in the past but that the bull market preceding the 2000-2002 bear market had been particularly long and impressive in … occasions were the so-called 1929 and 2000 bubbles. The models showed that, at some point in time before the peak in (real …
Persistent link: https://www.econbiz.de/10005125064
We construct a gold valuation theory based on viewing gold as a global real store of wealth. We show that the real price of gold varies inversely to the stock market P/E and thus is a direct function of a global yield required to achieve a constant real after-tax return equal to long-term global...
Persistent link: https://www.econbiz.de/10005134662
We present a simple model of a stock market where a random communication structure between agents gives rise to a heavy tails in the distribution of stock price variations in the form of an exponentially truncated power-law, similar to distributions observed in recent empirical studies of high...
Persistent link: https://www.econbiz.de/10005134800
Past researches have revealed significant abnormal returns for bonus issues even though the bonus issue date is known in advance and the distribution contains no new information. This study examines the stock price reaction to the information content of bonus issues with a view of examining the...
Persistent link: https://www.econbiz.de/10005134827