Firm life-cycle concept has been used in a variety of disciplines, including economics, finance and accounting, and also in the real-world investment. This paper develops a new methodology of measuring firm life-cycle stages. By comparing a firm's status at each point of its development with its...

Theoretical models on herd behavior predict that under different assumptions, herding can bring prices away (or towards) fundamentals and reduce (or enhance) market efficiency. In this article, we study the joint effect of herding and momentum at the industry level. We find that the momentum...

We design modified value investing strategies in emerging equity markets by comparing a country's value weight with its market capitalization weight among a group of emerging countries. These strategies can be easily tested and implemented by using various country index funds. Our proposed...

The SEC's EDGAR log files provide a direct, powerful measure of attention from relatively sophisticated investors. We apply this measure to a sample of earnings announcements from 2003 to 2016. We find that the stock market is less surprised, and the post-earnings-announcement drift is weaker...

Theoretical models on herd behavior predict that under different assumptions, herding can bring prices away (or towards) fundamentals and reduce (or enhance) market efficiency. In this article, we study the joint effect of herding and momentum at the industry level. We find that the momentum...

We empirically assess a variety of portfolio construction strategies using MSCI country indices from 1998 to 2010. These strategies range from the classic mean-variance optimization strategy to simple allocation strategies, such as equally weighted and dividend-yield-weighted portfolios. We find...

This study of the post-earnings announcement drift and the value-glamour anomaly finds that value stocks have greater information uncertainty, exhibit more-muted initial market reactions to earnings surprises, and have better (more positive or less negative) post-earnings announcement drifts...

This paper studies the relation between immediate market response to corporate earnings announcements and subsequent stock price movement. By adapting an information signal model from Holthausen and Verrecchia (1988), we develop a new measure — the immediate earnings response coefficient...

Corporate life-cycle concept is widely used in a variety of disciplines, including management, economics and accounting, and also in the real-world investment. However, current commonly used methodologies of measuring life-cycle stages are either only suitable for small sample studies or only...

We use panel data from 30 provinces of China over the period 2002-2019 to examine the effect of rising urban real estate prices on employment. Empirical results, using instrumental variable estimation, show that rising urban real estate prices have a negative and statistically significant impact...