This paper examines return predictability when the investor is uncertain about the right state variables. A novel feature of the model averaging approach used in this paper is to account for finite-sample bias of the coefficients in the predictive regressions. Drawing on an extensive...

Japanese candlestick has been widely used in investment practice, however its predicting power has not yet been scrutinized in academic literature. This paper investigates the forecasting power of Japanese candlestick augumented by Halloween effect in stock returns. Empirical studies performed...

We analyse a regulatory change in the Japanese IPO market that created an abrupt shift from hybrid price-discriminatory auctions to bookbuilding. We find that bookbuilding leads to significantly higher underpricing than hybrid price-discriminatory auctions. Further, we find evidence that price...

This study investigates whether patents can be a useful signaling tool for the IPO performances among high- and low-tech firms. Literature has provided a wealth of evidence confirming a significant relationship between patent signal and capital-raising success for US and EU venture...