Investors show different behaviour in falling markets and in rising markets. This paper demonstrates that the beta of individual stocks varies across the entire return distribution and that the variation depends on the frequency of the returns. While there is a symmetric u-shape increase for...

This study contributes to re-examining gold as a safe haven asset in 16 international markets, and compares its function with government bonds over the past 20 years. The extremal quantile regression model by Chernozhukov (2005) and Chernozhukov and Fernandez-Val (2011) is applied. The empirical...

This paper first extends Sias (2004) to examine whether UK fund managers are engaged in herding behaviours in the stock market, their reasons for herding, whether their herding behaviours are different during bullish and bearish periods and whether or not their herding behaviours are...

We construct a new measure related to biased beliefs based on industry relative stock market beta (IRSB) in the Chinese stock market. We find that stocks in the highest IRSB decile generate 12.84% more annualized return compared to stocks in the lowest IRSB decile. The IRSB premium is not driven...

Using a wavelet coherence approach, this study investigates the relationship between Bitcoin return and Bitcoin-specifc sentiment from January 1, 2016 to June 30, 2021, covering the COVID-19 pandemic period. The results reveal that before the pandemic, sentiment positively drove prices,...

This multi-faceted analysis of institutional investment defines fiduciary finance institutions as the third pillar of the financial system, alongside banks and insurers. It documents the role played by investment funds and the money management industry during the recent financial crisis, and...

In this paper we attempt to study Art as a new asset class for alternative investment for Indians. The author first reviews different popular forms of art internationally and have an outline of select Indian Artist and their work. Since this is the first time an attempt is being made to...

In the traditional financial theory, the decision makers were assumed to be rational and stock markets were thought out to be the perfect markets i.e. whatever information is available in the market is fully reflected in share prices and nobody can earn extra profits just by having insider's...

The brokerage firms and financial institutions recommend for buying and selling shares throughout the year. The objective of the paper is to investigate whether there is any scope to earn higher return than the market on the basis of recommendation offered. This paper has considered one eighty...

The economics of dividend policy has focused on the single tight narrative that dividends keep managers honest, mitigating concerns that they over-invest. This article provides a critique of that agency narrative, arguing that pressure from short-term focused investors, executives and board...