Download or read book Two Essays on Stock Markets written by Wei Dong and published by . This book was released on 2017-01-26 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Two Essays on Stock Markets written by 董炜 and published by . This book was released on 2013 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Two Essays on Idiosyncratic Volatility of Stock Markets written by Sen Dong and published by . This book was released on 2002 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Two Essays on China s Stock Markets written by Zhiguo Wu and published by . This book was released on 2017-01-26 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "Two Essays on China's Stock Markets" by Zhiguo, Wu, 吴志国, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: China's stock markets have become the second largest in the world after that of the United States. Both the Chinese institutional setting and the behaviors of the populous Chinese investors and listed firms provide novel opportunities to explore the classical theories in the field of economics and finance. Using two natural experiments, this thesis attempts to shed new light on these theories. The local bias puzzle was originally proposed from the analysis of investors' investment portfolios. In the first essay, I test and confirm the hypothesis that local bias has already existed in investor attention subconsciously regardless of their investment. In contrast to literature which focuses on investment accounts, I examine local bias in investor attention by analyzing investor messages posted on China's Internet stock message boards. I find that individual investors pay more attention to the stocks of local companies. This finding is strong and robust to local-bias proxy variables. By examining factors that affect investor attention local bias, I find that local bias is particularly strong in underdeveloped regions, for SOEs, for small-investor base and low-turnover stocks, and for stocks with name indicating locality. Furthermore, distance plays a significant role: the marginal effect of local bias is much stronger for distances within 500 kilometers. All these results are consistent with my explanation that local bias is affected by factors which can attract investors' attention. Thus, investment local bias is the natural consequence of investor attention local bias, and I attribute the local bias puzzle to limited investor attention. Chinese stock market has plunged into an unlocking flood of non-tradable shares since June 2006. This radical transition provides a unique natural experimental setting to ascertain earnings management incentives. In the second essay, I explore whether earnings management behavior exists in listed Chinese firms during the unlocking process. I find that non-tradable shareholders opportunistically manipulate earnings upward to offset price pressures for subsequent selling. Firms have higher levels of accruals when unlocking incentive is higher. Furthermore, actual selling incentive is higher in firms which have higher levels of accruals. The results document a novel case that equity incentives give rise to the incidence of earnings management. DOI: 10.5353/th_b4807976 Subjects: Investments - China - Decision making Stock exchanges - China
Download or read book Two Essays on Idiosyncratic Volatility of Stock Markets written by Sen Dong and published by Open Dissertation Press. This book was released on 2017-01-27 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "Two Essays on Idiosyncratic Volatility of Stock Markets" by 董森, Sen, Dong, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. DOI: 10.5353/th_b3122593 Subjects: Stocks - Prices - Mathematical models
Download or read book Two Essays on China s Stock Markets written by 吴志国 and published by . This book was released on 2012 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Two Essays on Stock Liquidity written by Shuming Liu (doctor of finance.) and published by . This book was released on 2008 with total page 254 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of two empirical essays on investor behavior and liquidity variation. The results demonstrate the important role of investors in affecting liquidity. The first essay examines how the fluctuation in the aggregate stock market liquidity is related to investor sentiment. I find that the stock market is more liquid when investor sentiment is higher. This evidence is consistent with the theoretical prediction that higher investor sentiment increases stock market liquidity. The second essay investigates whether the cross-sectional differences in liquidity are affected by institutional ownership. I document that stocks with larger increases in the number of institutional investors are more liquid than other stocks. This result is consistent with the prediction that information competition among institutional investors increases stock liquidity.
Download or read book Two Essays on Signaling in Financial Markets written by Kartik Raman and published by . This book was released on 1998 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Two Essays on China s Stock Markets written by Zhiguo Wu (Ph. D.) and published by . This book was released on 2012 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Two Essays on the Effect of Macroeconomic News on the Stock Market written by Ajay Kongera and published by . This book was released on 2011 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Two Essays on Analyst Behavior and Stock Markets written by Lei Sun and published by . This book was released on 2012 with total page 81 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Two Essays on Stock Market Anomalies written by Eric Campbell Full Yet Lam and published by . This book was released on 2009 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Essays of Warren Buffett written by Warren Buffett and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The year 2015 marks the fiftieth anniversary of Berkshire Hathaway under Warren Buffett's leadership, a milestone worth commemorating. The tenure sets a record for chief executive not only in duration but in value creation and philosophizing. The fourth edition of The Essays of Warren Buffett: Lessons for Corporate America celebrates its twentieth anniversary. As the book Buffett autographs most, its popularity and longevity attest to the widespread appetite for this unique compilation of Buffett's thoughts that is at once comprehensive, non-repetitive, and digestible. New and experienced readers alike will gain an invaluable informal education by perusing this classic arrangement of Warren's best writings. The fourth edition's new material includes: Warren's 50th anniversary retrospective, in what Bill Gates called Warren's best letter ever, on conglomerates and Berkshire's future without Buffett; Charlie Munger's 50th anniversary essay on "The Berkshire System"; Warren's definitive defense of Berkshire's no-dividend practice; and Warren's best advice on investing, whether in apartments, farms, or businesses. "Larry Cunningham has done a great job at collating our philosophy." -- Warren Buffett "Larry Cunningham takes Buffett's brilliant letters to a still-higher level by organizing them into single-subject chapters. The book begins, moreover, with an excellent introduction by Larry." -- Carol Loomis "This is a very important book. I recommend it to everyone who is interested in learning about investing, corporate governance, and business judgement." -- Bill Ackman "The book on Buffett--a superb job." -- Forbes "Extraordinary--full of wisdom, humor, and common sense." -- Money "A classic on value investing and the definitive source on Buffett." -- Financial Times "Cunningham has done a truly commendable job distilling and organizing the essence of Buffett's letter to Berkshire shareholders...While the essays reviewed in the latest edition of this volume range across a broad assortment of topics, for most readers the most valuable part of this book will be Buffett's lessons and insights on investing. It is extraordinarily rewarding to be able to survey the accumulated wisdom of one of the world's most successful investors." -- Kevin M. LaCroix, The D&O Diary
Download or read book Two Essays on Herding in Financial Markets written by and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The dissertation consists of two essays. In the first essay, we measure herding by institutional investors in the new economy (internet) stocks during 1998-2001 by examining the changes in the quarterly institutional holdings of internet stocks relative to an average stock. More than 95% of the stocks that are examined are listed on NASDAQ. The second essay attempts to detect intra-day herding using two new measures in an average NYSE stock during 1998-2001. In the second essay, rather than asking whether institutional investors herd in a specific segment of the market, we endeavor to ask if herding occurs in an average stock across all categories of investors. The first essay analyzes herding in one of the largest bull runs in the history of U.S. equity markets. Instead of providing a corrective stabilizing force, banks, insurance firms, investment companies, investment advisors, university endowments, hedge funds, and internally managed pension funds participated in herds in the rise and to a lesser extent in the fall of new economy stocks. In contrast to previous research, we find strong evidence of herding by all categories of institutional investors across stocks of all sizes of companies, including the stocks of large companies, which are their preferred holdings.
Download or read book Two Essays on Stock Market Liberalization written by 李偉平 and published by . This book was released on 2020 with total page 87 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Two Essays on the Price Linkage Between S P Stocks and Non S P Stocks written by Sung Hoon Cho and published by . This book was released on 1995 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Two Essays in Financial and Monetary Economics written by Sherman J. Ho and published by . This book was released on 1999 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt:
