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Titman and Wessels (1988) utilize a structural-equations model (LISREL) to find out the latent determinants of capital structure. Maddala and Nimalendran (1996) indicate that the problematic model specification causes the poor results in Titman and Wessels' research. Chang, Lee, & Lee (2009)...
Persistent link: https://www.econbiz.de/10008488819
This empirical study utilizes four static hedging models (OLS Minimum Variance Hedge Ratio, Mean-Variance Hedge Ratio, Sharpe Hedge Ratio, and MEG Hedge Ratio) and one dynamic hedging model (bivariate GARCH Minimum Variance Hedge Ratio) to find the optimal hedge ratios for Taiwan Stock Index...
Persistent link: https://www.econbiz.de/10008493080
This paper investigates how the legal environment in a country influences performance and risk of stock across countries at different developmental stages and of various rules of jurisdiction. Using data of 4916 stocks from 37 countries, our empirical findings confirm that equities in countries...
Persistent link: https://www.econbiz.de/10008474254
On the basis of SVAR models of monetary policy in Egypt for the period December 1976–May 2006, our paper explores a new empirical assessment for the interest rate channel in correcting trouble in the Egyptian economy by imposing contemporaneous and long run restrictions. It appears that after...
Persistent link: https://www.econbiz.de/10008481953
This study investigates the usefulness of auditors' opinions, market factors, macroeconomic factors, and industry factors in predicting financial distress of Taiwanese firms. Specifically, two non-traditional auditors' opinions are evaluated: "long-term investment audited by other auditors"...
Persistent link: https://www.econbiz.de/10008481954
Firms with higher board independence, smaller boards, and lower expected managerial entrenchment, have lower cash holdings. We find that the positive association between cash holdings and managerial entrenchment is mitigated by stronger board structures. Specifically, in firms with higher...
Persistent link: https://www.econbiz.de/10008481957
The unified beta theory of Connor (1984) requires that the market portfolio be well diversified in a given factor structure. Wei (1988) extended Connor's results without relying on this assumption. This note provides an alternative to Wei's result by assuming that residuals from the projection...
Persistent link: https://www.econbiz.de/10008521960
The main purpose of this paper is to evaluate small- and medium-sized display market forecasts made by a market research firm. Hypotheses concerning the relationship between stages of technology development and the accuracy of market forecasts are first developed. The hypotheses are then tested...
Persistent link: https://www.econbiz.de/10004971672
In this survey article, after delineating its historical origin of the Efficient Market Hypothesis (EMH), the authors summarize from the methodological perspective the empirical findings from 1960s through 1990s bearing on the EMH under the headings "supporting empirical findings as documented...
Persistent link: https://www.econbiz.de/10004977577
No abstract received.
Persistent link: https://www.econbiz.de/10004977581