This study estimates the degree of the exponential-function (EF) misvaluation and its variation with three parameters: time, the product price level and its growth rate, as well as with personal characteristics. The results suggest an undervaluation of the compound discounting formula given by...

Using an event study analysis, this paper investigates the effect of launching a website on corporate stock returns. We find that for domestic firms (traded in the US) the effect on returns is not statistically significant. However, for foreign stocks traded on US capital markets the effect is...

Jewish Colonial Trust (JCT) and Bank Leumi Le-Israel (BLL), called here the sub-company and the main company, are two companies whose stocks are traded on the Tel Aviv Stock Exchange (TASE). We demonstrate that although the assets of the sub company consist solely of the stocks of the main...

This study investigates the mispricing of Royal Dutch and Shell Transport stocks documented in the literature. It is found that the actual market co-movement of the two companies' stocks has gradually become asymptotic to its theoretical counterpart subsequent to the publication of empirical...

This paper explores whether export intensity and net foreign position of the Japanese firms are carefully watched by investors and are properly reflected in the stock prices. By estimating a multifactor model including the TOPIX, the call rate, the exchange rate, and other variables representing...

This paper analyses the optimal investment strategy in the stock markets of a selected group of South American countries: Mexico, Brazil, Argentina and Chile. The Markowitz efficiency frontiers are derived based on daily stock market index returns expressed in US dollars, for the period of 1...