Managerial Finance
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The value premium: rational, irrational or random
Managerial Finance - Tập 29 Số 10 - Trang 57-75 - 2003
Using data from the stock markets of Japan, the UK and the US, this paper
examines the time series properties of a price index derived from a zero net
investment strategy of buying value stocks and short selling growth stocks. We
use the results of this analysis to consider implications for the validity of
competing hypotheses on the source of the value premium. Overall, the results
from this stud...
Personal Fortunes, Inheritance and Investment Behaviour
Managerial Finance - - 1983
It may seem unusual for economists to approach the question of investment
behaviour from the standpoint of wealth. Personal fortunes are a stock while
investment is a flow and the traditional approach associates with income and
other flow concepts.
Pricing of Equities in China: Evidence from the Shanghai Stock Exchange
Managerial Finance - Tập 31 Số 12 - Trang 46-57 - 2005
In this article we compare the performance of the traditional CAPM with the
multi factor model of Fama and French (1996) for equities listed in the Shanghai
Stock Exchange. We also investigate the explanatory power of idiosyncratic
volatility and respond to the claim that multi factor model findings can be
explained by the turn of the year effect. Our results show that firm size, book
to market eq...
Dividends and Taxation
Managerial Finance - - 1987
The purpose of this paper is to examine current thinking and evidence on the
extent to which taxation is, or should be, an influence upon dividend policy. To
this end, the paper has been divided into two parts. The first reviews the range
of normative stances and the empirical evidence in respect of each stance.
Discussion mainly addresses large listed companies in the US and, to a lesser
extent, ...
The Cointegration of Auction Price Series
Managerial Finance - Tập 21 Số 6 - Trang 35-46 - 1995
It is found that one unit root, common trend is shared by the quarterly auction
price series of five frequently auctioned types of stamps. The common trends
analysis provides specific, stationary linear combinations, or cointegrating
portfolios, of the auction price levels. The quarterly returns for the system of
cointegrated auction prices can be represented by an error correction model
using pas...
The determinants of US foreign investment in India: implications and policy issues
Managerial Finance - - 1998
Traces the growth of US foreign direct investment (FDI) in India and the
changing attitude of the Indian government towards it as part of its
liberalization programme. Reviews previous research on the determinants of FDI
and uses regression analysis on 1962‐1994 data to identify the factors affecting
US FDI in India, current trends and the impact on the Indian economy. Finds that
only the relative...
Sampling rules to achieve quality, maximize benefit and minimize financial loss
Managerial Finance - Tập 31 Số 3 - Trang 1-18 - 2005
Determining the proper sample size and frequency of sampling such that quality
is assured while financial losses are not unnecessarily incurred is critical to
an effective quality program. The main purpose of the present work is to design
a fuzzy controller to adjust sample sizes and frequency of sampling according to
potential fuzzy benefit/loss. A set of fuzzy rules is given where, depending on
...
Investing in New Companies in an Unstable Economic Environment: A Fuzzy Set Approach
Managerial Finance - Tập 23 Số 6 - Trang 68-80 - 1997
In this paper we propose a strategy for investing in new companies for which
there is relatively little hard data available. We use fuzzy set theory to
represent these new companies as finite fuzzy subsets of established companies
for which there is a history of investment data. A fuzzy set is also used to
represent the economic environment in which the proposed new investments will be
made. From ...
The Tiger Woods scandal: a cautionary tale for event studies
Managerial Finance - Tập 38 Số 5 - Trang 543-558 - 2012
PurposeTiger Woods suffered minor injuries and major scrutiny into his personal
life due to a suspicious car crash. Previous research suggests that his sponsors
would be expected to suffer a significant negative shock. The purpose of this
paper is to determine if there was such a shock and to clarify the role that the
estimation and event windows have on measuring its
significance.Design/methodolo...
Lease Finance in Emerging Markets: An Eastern European Study
Managerial Finance - - 1996
The emergence of lease markets in Eastern Europe provides a new menu of
opportunities for inward foreign leasing investment by Western Multinational
Enterprises (MNEs). The Eastern European markets, like other emerging markets,
exhibit high expected returns as well as high volatility.
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