منابع مشابه
Extracting bull and bear markets from stock returns∗
Traditional methods used to partition the market index into bull and bear regimes often sort returns ex post based on a deterministic rule. We model the entire return distribution; two states govern the bull regime and two govern the bear regime, allowing for rich and heterogeneous intra-regime dynamics. Our model can capture bear market rallies and bull market corrections. A Bayesian estimatio...
متن کاملEconomic Implications of Bull and Bear Regimes in UK Stock Returns∗
This paper presents evidence of persistent bull and bear regimes in UK stock returns and considers their economic implications from the perspective of an investors portfolio decisions. We Þnd that the perceived state probability has a large effect on the optimal allocation to stocks, particularly at short investment horizons. If ignored, the presence of such regimes gives rise to welfare c...
متن کاملMonetary policy and stock returns: Financing constraints and asymmetries in bull and bear markets
Article history: Received 18 September 2009 Received in revised form 21 July 2010 Accepted 11 August 2010 Available online 18 August 2010 We examine asymmetries in the impact of monetary policy surprises on stock returns between bull and bear markets in the period 1994 to 2005. We ask how these impacts respond to the relative ability of firms to obtain external finance. We find that the impact ...
متن کاملThe Lion-Bull Motifs of Persepolis: The Zoogeographic Context.
The lion-bull iconography during the Achaemenian period of ancient Persia has generated different theories of astronomicaland seasonal events besides the suggestions that it could be the symbol of the time cycle of the day, with lion representingthe sun and bull the night. However, the present paper draws the reader’s attention to the hitherto unexplored angle ofzoology to understand physiognom...
متن کاملLocalizing the Bull way
One of the greatest stimuli for language industry applications during the 1980s was the mass adoptance of product localization within the computer industry. Translation companies sprung up to address this lucrative market, vying for contracts by offering one-stop package deals for multiple target languages, the fast turnaround required in the notoriously ephemeral software world, and ostensibly...
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ژورنال
عنوان ژورنال: The Iowa Review
سال: 1971
ISSN: 0021-065X,2330-0361
DOI: 10.17077/0021-065x.1226