Purpose – Motivated by recent studies that demonstrate the superiority of the Global Industry Classification System (GICS) relative to the Standard Industry Classification (SIC) system in capital market research, the authors revisit the stock market anomaly documented by Thomas and Zhang (TZ)...

Purpose – The purpose of this paper is to replicate Richardson et al. ’s (2005) study on how accrual components’ reliability affects earnings persistence and whether investors anticipate the lower earnings persistence through stock return. In this study, the authors use more recent data to...

Purpose – The purpose of this paper is to examine the January effect, a well-documented capital markets pricing anomaly in which January return premiums are observed to be on average higher than in other months of the year. Extant literature focusses primarily on investor trading behaviors and...

Purpose – This paper aims to investigate the impact of the introduction of the 2004 bank capital requirements on the quoted stock prices on the Nigerian stock market. Design/methodology/approach – Using monthly data over the period January 1986 to December 2006, residual analysis methodology...

Managers generally possess complex social networks and occupy central positions within their networks. We investigate the influence of managers' social network relationships on capital market pricing efficiency by specifically analysing the relationship between top management team network...

Purpose This paper aims to address the importance of behavioural finance issues among real investors. It analyses whether private investors are susceptible to extrapolation bias and whether this bias affects market prices. Design/methodology/approach A qualitative coding of message board posts...

Purpose This paper aims to provide evidence that market efficiency varies greatly across individual stock, and across market exchanges. Design/methodology/approach Three approaches, partial adjustment model, Dimson beta model and variance ratio test, are used on a large sample of US stocks....

Purpose The purpose of this paper is to investigate the effect of the information disclosure quantity on the pricing efficiency of stocks. Design/methodology/approach Using a sample of large and actively traded Canadian companies listed on the Toronto Stock Exchange, the authors utilize annual...

Purpose – The purpose of this paper is to examine the impact of the future of trading on volatility as well as the efficiency of the stock market of BRIC (Brazil, Russia, India and China) countries. This study also investigates the presence of day‐of‐the‐week effect in BRIC countries'...

Purpose This paper aims to examine the impact of stock market liberalization on efficiency of the stock markets in Latin America. Design/methodology/approach Daily stock indices from Latin American countries, including Brazil, Mexico, Chile, Peru, Jamaica and Trinidad and Tobago, are used in the...