Similar Search Results

Domestic and Global Equity Offerings : Differences in Underpricing and Performance of Identical Firms

Beckmann, Klaus Soenke - 2012

We analyze and compare the underpricing and buy-and-hold abnormal returns of depositary receipt equity offerings with preceding domestic seasoned equity offerings of the same firms to identify differences and motivations for cross-listings and domestic equity offerings free of any matching bias....

Persistent link: https://www.econbiz.de/10013106614

Stock Performance and the Firm’s Training Program

Sum, Vichet - 2012

index and value-weighted CRSP index using monthly CRSP return data. The results show that 9 out of the 10 portfolios outgain … the value-weighted CRSP index by as high as 100 basis points and as low as 11 basis points, and 7 out of the 10 portfolios … outperform the S&P 500 index by as low as 7 basis points and as high as 80 basis points …

Persistent link: https://www.econbiz.de/10013109081

Does the Post-Acquisition Performance of Bidding Firms Depend on the Organizational Form of Targets Acquired?

Shams, Syed - 2013

A number of theoretical arguments such as corporate monitoring hypothesis, liquidity hypothesis and managerial motive hypothesis propose that the acquisitions of private targets are more value creating than the acquisitions of public targets. Using two large samples of acquirers of public...

Persistent link: https://www.econbiz.de/10013087647

Innovation and Firm Performance : Evidence from the Capital Market

Sum, Vichet - 2013

most innovative firms in the United States are economically larger than the CRSP value-weighted index risk premiums 4 years … in a row from 2006 to 2009 and are economically greater than the S&P 500 index risk premiums from 2006 to 2010. The …

Persistent link: https://www.econbiz.de/10013090912

Most Admired Companies : Admirable Performance

Sum, Vichet - 2013

This paper shows that most admired companies generate admirable stock performance relative to the market. The current study analyses risk premiums and risk-adjusted excess returns of a portfolio of firms ranked as the most admired companies in the United States from 2006 to 2011. The results...

Persistent link: https://www.econbiz.de/10013090936

Market Cycles and the Performance of Relative-Strength Strategies

Stivers, Chris T. - 2013

We study the effect of market cycles on both medium-run and long-run relative strength trading strategies. We find that the payoffs over both horizons tend to be relatively higher within a market state (rising or falling markets) but substantially lower when including transitions between states....

Persistent link: https://www.econbiz.de/10013092327

Ratings and Performance of German Mutual Funds – A Comparison of Feri Trust, Finanztest and FondsNote

Meinhardt, Christian - 2014

This study addresses the question whether the Feri Trust Rating, the Finanztest-Bewertung and the FondsNote are able to predict the future performance of German equity mutual funds. Moreover, this study analyzes whether predictability is improved significantly when combining the three fund...

Persistent link: https://www.econbiz.de/10013067295

Skewness in Stock Returns : Reconciling the Evidence on Firm Versus Aggregate Returns

Albuquerque, Rui A. - 2014

Aggregate stock market returns display negative skewness. Firm stock returns display positive skewness. The large literature that tries to explain the first stylized fact ignores the second. This article provides a unified theory that reconciles the two facts by explicitly modeling firm-level...

Persistent link: https://www.econbiz.de/10013068348

Managerial Discretion and Firm Fundamentals

Athanasakou, Vasiliki E. - 2016

We hypothesize and provide evidence that the economic consequences of managerial accounting discretion vary systematically with volatility in firm fundamentals. Unlike common approaches in the literature that identify managerial discretion as orthogonal to business volatility, we use a model...

Persistent link: https://www.econbiz.de/10013001437

The Halloween Effect in US Sectors : Comment

Doeswijk, Ronald Q. - 2009

We argue that the Jacobsen and Visaltanachoti (2009) study is incomplete. Jacobsen and Visaltanachoti (2009) evaluate the Halloween effect or ‘Sell in May'-effect as documented by Bouman and Jacobsen (2002), and extend the analysis into the relative performances of sectors during the winter...

Persistent link: https://www.econbiz.de/10013157007