Showing 1 - 10 of 34
This paper shows the importance of correcting for sample selection when investing in illiquid assets with endogenous trading. Using a large sample of 20,538 paintings that were sold repeatedly at auction between 1972 and 2010, we find that paintings with higher price appreciation are more likely...
Persistent link: https://www.econbiz.de/10010201316
Persistent link: https://www.econbiz.de/10011530002
Persistent link: https://www.econbiz.de/10009673071
While convertible offerings announced between 1984 and 1999 induce average abnormal stock returns of −1.69%, convertible announcement effects over the period 2000 to 2008 are more than twice as negative (−4.59%). We hypothesize that this evolution is attributable to a shift in the...
Persistent link: https://www.econbiz.de/10013115665
Political risk relates to both the ability and the willingness of governments to repay debts. We find that bond prices only slowly adapt to changes in political risk. The expected bond returns for countries whose political risk ratings have improved are higher than those for countries whose...
Persistent link: https://www.econbiz.de/10012904805
We use meta-analysis to review studies on announcement effects associated with seasoned equity offerings. Our sample includes 199 studies from 38 leading finance journals and SSRN working papers. The studies cover different countries, but the U.S. is particularly well-represented with 131...
Persistent link: https://www.econbiz.de/10012936708
This study presents evidence suggesting that investors do not fully unravel predictable pessimism in sell-side analysts' earnings forecasts. We show that measures of prior consensus and individual analyst forecast pessimism are predictive of both the sign of firms' earnings surprises and the...
Persistent link: https://www.econbiz.de/10012937538
This paper shows the importance of correcting for sample selection when investing in illiquid assets that trade endogenously. Using a sample of 32,928 paintings that sold repeatedly between 1960 and 2013, we find an asymmetric V-shaped relation between sale probabilities and returns. Adjusting...
Persistent link: https://www.econbiz.de/10012974260
Persistent link: https://www.econbiz.de/10010191216
Persistent link: https://www.econbiz.de/10011664803