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Economic Integration and the Transmission of Democracy
Magistretti, Giacomo; Tabellini, Marco - National Bureau of Economic Research - 2022
democracy and favors the process of democratization. We combine survey data with country-level measures of democracy from 1960 … integrated with democracies are, at the time of the survey, more supportive of democracy. In line with the change in citizens …' preferences, economic integration with democratic partners has a large, positive effect on a country's democracy score. Instead …
Persistent link: https://www.econbiz.de/10013210083
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Daily Momentum and New Investors in an Emerging Stock Market
Gao, Zhenyu; Jiang, Wenxi; Xiong, Wei A.; Xiong, Wei - National Bureau of Economic Research - 2023
Despite the dominance of retail investors in the Chinese stock market, there's a conspicuous absence of price momentum in weekly and monthly returns. This study uncovers the presence of price momentum in daily returns and, through a systematic analysis of trading heterogeneity among investors,...
Persistent link: https://www.econbiz.de/10014436970
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Short Sale Constraints and Stock Returns
Jones, Charles M. - 2001
Stocks can be overpriced when short sale constraints bind. We study the costs of short selling equities, 1926-1933, using the publicly observable market for borrowing stock. Some stocks are sometimes expensive to short, and it appears that stocks enter the borrowing market when shorting demand...
Persistent link: https://www.econbiz.de/10012470224
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Dynamic Volume-Return Relation of Individual Stocks
Llorente, Guillermo - 2001
We examine the dynamic relation between return and volume of individual stocks. Using a simple model in which investors trade to share risk or speculate on private information, we show that returns generated by risk-sharing trades tend to reverse themselves while returns generated by speculative...
Persistent link: https://www.econbiz.de/10012470412
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The Level and Persistence of Growth Rates
Chan, Louis K.C. - 2001
Expected long-term earnings growth rates are crucial inputs to valuation models and for cost of capital estimates. We analyze historical long-term growth rates across a broad cross-section of stocks using several operating performance indicators. We test whether growth persists, and whether it...
Persistent link: https://www.econbiz.de/10012470442
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The Stock Market's Reaction to Unemployment News : Why Bad News is Usually Good for Stocks
Boyd, John H. - 2001
We find that on average an announcement of rising unemployment is 'good news' for stocks during economic expansions and 'bad news' during economic contractions. Thus stock prices usually increase on news of rising unemployment, since the economy is usually in an expansion phase. We provide an...
Persistent link: https://www.econbiz.de/10012470637
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A Century of Global Stock Markets
Jorion, Philippe - 2000
Persistent link: https://www.econbiz.de/10012471210
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Capital Flows and the Behavior of Emerging Market Equity Returns
Bekaert, Geert - 1998
Foreign portfolio flows may reflect deep changes in the functioning of an emerging market economy and its capital markets. Using a database of monthly net U.S. equity flows, we investigate the relation of these flows to the behavior of equity returns, the structural characteristics of the...
Persistent link: https://www.econbiz.de/10012472142
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Performance Evaluation with Transactions Data : The Stock Selection of Investment Newsletters
Metrick, Andrew - 1998
This paper analyzes the equity-portfolio recommendations made by investment newsletters. The dataset spans 17 years, is free of survivor and back-fill biases, and includes the complete recommendations for 153 different newsletters. Overall, there is no significant evidence of superior...
Persistent link: https://www.econbiz.de/10012472162
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Asset Prices, Consumption, and the Business Cycle
Campbell, John Y. - 1998
This paper reviews the behavior of financial asset prices in relation to consumption. The paper lists some important stylized facts that characterize US data, and relates them to recent developments in equilibrium asset pricing theory. Data from other countries are examined to see which features...
Persistent link: https://www.econbiz.de/10012472320