This paper studies the link between individual investors' portfolio diversification levels and various personal traits that proxy informational advantages and overconfidence. The analysis is based on objective data from the largest Turkish brokerage house tracking 59,951 individual investors'...

This study applies the Markowitz analysis to the Istanbul Stock Exchange and empirically investigates the performance of this tool in an emerging market setting. The results show that during the early years of establishment of an emerging stock exchange, an active strategy of mean variance...

This study investigates the predictive ability of gearing in the long term for UK firms. Robustness tests are carried out to examine the returns in excess of that attainable using book to market, price earnings and size as risk factors. It is shown that by pursuing an investment strategy based...

Changes in international shipping freight rates can predict US and international stock market returns. In today’s global world where economies are linked, shipping freight rates carry information about economic activity and stock returns. Using US size and sector indices we find that shipping...

This study further investigates the impact of IMF actions on stock markets during the Asian crisis. Extending two earlier studies by Kho and Stulz (2000) and Evrensel and Kutan (2007), we investigate the long-term shareholder wealth impact of IMF actions and programs on both financial and real...

The systematic risk of IPO’s in the thinly traded Istanbul Stock Exchange (ISE) are estimated using Empirical Bayes Estimators (EBE). The sectors that the firms belong to, provide the priors. Comparisons are made with OLS estimators across different estimation and forecasting periods. Two...

Purpose – The purpose of this paper is to examine two contrasting financially distressed companies in China and their restructuring strategies. Chinese firms are selected as providing a context where bankruptcy law is in its infancy and where the state is still heavily involved as a...

Purpose – The purpose of this paper is to compare the short‐term trading behaviour of A shares owned by domestic investors and their dually‐traded B shares owned by foreign investors, after a period of significant price change. Design/methodology/approach – Given that the fundamentals of...