Showing 1 - 10 of 14
We present direct evidence of information spillovers through transactions prices in real estate markets. This behavior is not explained by common shocks to housing values. The effect is strongest in homogenous markets, where the information content of price is higher. The effect is weakest among...
Persistent link: https://www.econbiz.de/10013128444
Persistent link: https://www.econbiz.de/10003285439
Persistent link: https://www.econbiz.de/10003805421
Firms in industry clusters have market prices that are more efficient than firms outside clusters. To establish causality, we analyze exogenous firm relocations and find that firms that relocate into industry clusters have higher levels of industry-information in their prices. We argue that...
Persistent link: https://www.econbiz.de/10012906106
Analysts' price targets and recommendations contradict stock return anomaly variables. Using an index based on 125 anomalies, we find that analysts' annual stock return forecasts are 11% higher for anomaly-shorts than for anomaly-longs. Anomaly-shorts' return forecasts are excessively...
Persistent link: https://www.econbiz.de/10012902114
Persistent link: https://www.econbiz.de/10011959056
Persistent link: https://www.econbiz.de/10012494830
Persistent link: https://www.econbiz.de/10009666835
This survey provides a synthesis of the empirical capital structure literature. Our synthesis is divided into three parts. The first part examines the evidence that relates to the cross-sectional determinants of capital structure. This literature identifies and discusses the characteristics of...
Persistent link: https://www.econbiz.de/10013101802
Persistent link: https://www.econbiz.de/10003944953