Using stocks from a wide range of industry sectors on the Australian Securities Exchange, this paper examines the conditional distribution of intra-day stock prices and predicts the direction of the next price change in an ordered-probit-GARCH framework that accounts for the discreteness of...

This paper presents new evidence on the origins of investment management companies. Specifically, we examine the characteristics and nature of those quot;parentquot; fund companies from which at least one of their key fund manager personnel departed to establish their own independent firms....