Purpose – The purpose of this paper is to examine how investors and stockbrokers in Nigeria value shares and whether their approach to share valuation differs from that documented in other countries. In particular, the paper investigates whether the investors and stockbrokers use fundamental,...

Purpose – The current paper aims to expand an empirical assessment of correlations of the stock exchange in Poland with other stock markets and foreign economies. The paper attempts to explore international spillover effects during the current financial crisis. Design/methodology/approach –...

Purpose – This paper examines the 2008 collapse of the US tax‐exempt auction rate securities (ARS) market, from the perspective of not‐for‐profit auction rate debt issuers. Design/methodology/approach – The authors use a multiple case study methodology to examine the financial and...

Purpose – The purpose of the study was to provide empirical support for the Miller model. The paper proposes the use of the ratio of individual to institutional holdings as a proxy for heterogeneous expectations of security returns. Design/methodology/approach – Both bivariate t‐tests and...

Purpose – The purpose of this paper is to investigate whether the special items (SI) mispricing reported in Burgstahler et al. is distinct from the accruals (ACC) mispricing documented in Sloan. Design/methodology/approach – This paper employs the control hedge‐portfolio test,...

Purpose – The purpose of this study is to investigate the value of analyst coverage on the covered firms. Design/methodology/approach – To isolate the value impact of analyst coverage, the study focuses on a unique set of firms that receive analyst coverage for the first time after having...

Purpose – The purpose of this paper is to propose a new measure of earnings management flexibility based on the limits of the allowable set of accruals, prior discretionary accruals used, and the reversal rate of these accruals. Design/methodology/approach – Quarterly financial data from...

Purpose The purpose of this paper is to examine the debate on whether psychology affects asset prices using agent-based modeling. Design/methodology/approach The authors set up three simulation regimes where the first regime contains fundamental investors who invest based on the mean-variance...