Results 31 to 40 of about 4,868,003 (142)

Free to choose: Bank capital in Britain, 1878–1939

The Economic History Review, EarlyView.
Abstract Government regulation of the banking sector is pervasive, making it difficult to empirically analyse when banks would voluntarily choose to issue equity if there were no minimum requirements on capital adequacy. A unique historical setting occurred in the late nineteenth‐century United Kingdom when joint‐stock banks were free to choose their ...
Gareth Campbell, Lyndon Moore, John D. Turner   +2 more
wiley   +1 more source

Measuring Thematic Funds Performance via an Approach Based on Observable and Latent Factors

European Financial Management, EarlyView.
ABSTRACT This paper investigates whether thematic equity funds deliver abnormal performance relative to conventional global equity funds. Using Fama‐French models augmented with latent factors, we estimate fund‐level alphas, and apply the false discovery rate methodology to an estimated three‐group mixture distribution, separating good, null and bad ...
Maria Debora Braga, Gianmarco Vacca, Maria Zoia   +2 more
wiley   +1 more source

A U‐Shaped Flow–Performance Sensitivity Across the Globe

European Financial Management, EarlyView.
ABSTRACT Using a worldwide sample of equity mutual funds, we document a new stylized fact: the flow‐performance sensitivity (FPS) is greater for both bottom and top performance, compared to the middle. This “U‐shaped” FPS is especially strong in down markets, for small/mid‐cap funds, and in the latest decade. These results hold over quarterly or yearly
Markus Broman, Kelley Bergsma Lovelace
wiley   +1 more source

Risk Perceptions and Corporate Financing Behavior

Financial Management, EarlyView.
ABSTRACT Using a recently developed measure of financial market risk perceptions, we show that risk perceptions affect firm‐level corporate financing behavior. Firms tend to adjust their capital structures to cater to investors' appetite for risk. When perceived risks are low, firms tend to choose more leveraged capital structures to take advantage of ...
Youngmin Choi, Armen Hovakimian, Joonsung Won   +2 more
wiley   +1 more source

Two-Way Cluster-Robust Standard Errors—A Methodological Note on What Has Been Done and What Has Not Been Done in Accounting and Finance Research

, 2018
There is a widely application of panel data estimation in accounting and finance research. The approach is well accepted, because the pooled panel data provide rich information as compared to either cross-sections or time series data structure.
Lan Sun, Yueh-Hsia Huang, Tyng-Bin Ger
semanticscholar   +1 more source

Explanations for Cross‐Sectional Return Anomalies: Evidence on the IVOL Puzzle

Financial Management, EarlyView.
ABSTRACT Considering the time‐series dimension alongside the cross‐sectional dimension helps to almost entirely account for the idiosyncratic volatility (IVOL) puzzle. Based on a purely cross‐sectional approach, the previous literature shows that numerous candidate theories collectively fail to explain the puzzling finding that high‐IVOL stocks ...
Fabian Hollstein, Leon Kowalke, Marcel Prokopczuk   +2 more
wiley   +1 more source

Exposure to Climate Change and Earnings Manipulation

Journal of Business Finance &Accounting, EarlyView.
ABSTRACT This study investigates whether and how climate change exposure (CCE) influences corporate financial reporting practices. Using a newly developed firm‐specific CCE measure from conference calls, we find that US firms with higher CCE exhibit greater real earnings management (REM).
Ramzi Benkraiem, Mostafa M. Hasan, Ashrafee Hossain, Abdullah‐Al Masum, Samir Saadi   +4 more
wiley   +1 more source

Explaining the Book-to-Market Ratio Effect from the Perspective of Behavioral Finance

Advances in Economics, Management and Political Sciences
This study aims to investigate the driving factors behind the long-term reversal of stock returns, with a particular focus on the causes of the book-to-market ratio effect. By analyzing A-share companies listed on the Shanghai and Shenzhen stock (Chinese)
Yu-Xiu Liu
semanticscholar   +1 more source

The expected inflation risk premium in the U.S. stock market

Journal of Financial Research, EarlyView.
Abstract This article studies how expected inflation risk affects asset prices. We propose an ex‐ante, tradable proxy for this risk, derived from the term spread of gold futures prices. Using cross‐sectional and time series asset pricing tests, we show how an increase in expected inflation risk lowers contemporaneous prices and raises equity returns ...
Pascal Letourneau, Gabriel J. Power, Garrett C. C. Smith   +2 more
wiley   +1 more source

The Left-tail Risk and the Cross-section of Stock Returns: Evidence from China

Finance & Economics
As a matter of fact, left-tail risk is a common risk in stock market. This study examines the linear correlation considering Value-at-Risk (VaR) and future stock returns within context of the Chinese main board stocks, particularly during periods marked ...
Shun Yu
semanticscholar   +1 more source