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Small investor sentiment, differences of opinion and stock overvaluation
Journal of Financial Markets, 2013Abstract Recent research shows that small trade imbalances are negatively associated with future stock returns. I find that this negative association only exists when stocks have initially been mispriced. In addition, mispricing occurs before the sentimental trading of small investors.
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Are lottery-like stocks overvalued in markets that have no lotteries?–Evidence from Saudi Arabia
Finance Research Letters, 2022Abstract Existing studies suggest that stocks with lottery-like characteristics tend to underperform, especially when they attract retail trades, and that the degree of underperformance is closely related to investors’ forgiving (vs. forbidding) attitude toward gambles/lotteries embedded in their religious norms.
Alshammari, Saad, Goto, Shingo
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Business strategy, overvalued equities, and stock price crash risk
Research in International Business and Finance, 2017This paper examines empirically the effect of firm-level business strategies on future stock price crash risk, and the extent to which equity overvaluation moderates this relation. By exploring the extent to which firms following particular business strategies are more or less likely to experience crash risk, we provide evidence that increases our ...
Habib, A., Hasan, Mostafa
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, 1997 By most standards, the price of equities in the United States has risen remarkably rapidly during the last 15 years. Since 1994 alone, the Standard & Poor's index of 500 stock prices has doubled. Although the rapid growth of corporations' profits has propelled the price of their stock, shareholders also are willing to pay a greater price per dollar of ...
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Is the Current US Stock Market Overvalued? Univariate Analysis
2020In this chapter, we employ univariate analysis to evaluate the US stock market. Using the S&P 500 daily pricing data from 1950 to 2018, we illustrate the concepts of four moments, density and cumulative distribution functions, and hypothesis testing. We present two important figures: Benjamin Graham on investment and Student (William Sealy Gosset) on ...
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Impact of Business Strategy on Stock Price Crash Risk: Role of Overvalued Equity
NICE Research Journal, 2018The objective of the current study is to investigate the impact of business strategies on the future crash risk of stock prices by considering the role of overvalued equity. This relationship is checked by taking non-financial firms from Pakistan Stock Exchange from 2008-2016.
Sana Saleem +2 more
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Business Strategy, Overvalued Equities, and Stock Price Crash Risk
SSRN Electronic Journal, 2014This paper examines empirically the effect of firm-level business strategies on future stock price crash risk and the extent to which equity overvaluation moderates this relation. By exploring the extent to which firms following particular business strategies are more or less likely to experience crash risk, we provide evidence that increases our ...
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Do Overvaluation-Driven Stock Acquisitions Really Benefit Acquirer Shareholders?
Journal of Financial and Quantitative Analysis, 2013AbstractI study the effects of overvalued equity on acquisition activity and shareholder wealth, using managers’ insider trades to measure overvaluation. I find that overvalued equity drives managers to make stock acquisitions, and such acquisitions destroy value for acquirer shareholders.
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Overvalued Acquirers Still Prefer to Pay with Stock
SSRN Electronic Journal, 2022Nils Lohmeier, Christoph Schneider
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Were High-Tech Firms Overvalued? Stock Market's Valuations and Reactions to Innovation Activities
SSRN Electronic Journal, 2006This paper uses two different groups of firms, a group of innovative firms and a group of non innovative firms, in computer and software industry and compares them to estimate the stock market's valuation of innovation activities and examines how the stock price response to the innovation events.
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