This paper examines the stock return performance of the IPO stocks which are listed on the Growth Enterprise Market (GEM) in Hong Kong. By using several benchmarks, over three years, this paper finds that the results produced are sensitive to the benchmark employed. The two factors causing the underperformance of GEM stocks are the ‘technology boom’ and ‘IPO effects’. This suggests that appropr...

This paper investigates achieving financial independence by using the Dividend Reinvestment Plan (DRIP) in conjunction with dollar cost averaging to purchase stocks of quality companies that pay increasing dividends over the 15 year period of 1993 – 2007. To do this, it looks at two portfolios, each containing initially the same stocks, but the second replacing some of its stocks during the las...

This study investigates the stock characteristic preferences of institutional Australian equity managers. In aggregate we find that active managers exhibit preferences for stocks exhibiting high price variance, large market capitalisation, low transaction costs, value-oriented stocks, greater levels of analyst coverage, and some evidence of a preference for stocks with less variability in analy...

This paper examines some cognitive biases of Vietnamese stock investors by analyzing trading records for 1,201 accounts at a brokerage firm. These investors tend to make poor trading decisions by selling good stocks and buying bad stocks. They demonstrate a significant reference to holding the losing stocks and selling the wining stocks which is known as the disposition effect. It provokes many...

We provide a formal treatment of both static and dynamic portfolio choice using the Disappointment Aversion preferences of Gul (1991), which imply asymmetric aversion to gains versus losses. Our dynamic formulation nests the standard CRRA asset allocation problem as a special case. Using realistic data generating processes, we find reasonable equity portfolio allocations for disappointment aver...

Urgent measures to save falling stocks of tuna in the world's second biggest tuna fishery — the eastern Pacific— have failed to be implemented, according to several environmental groups. Closure of the fishery, both by area and by time, was demanded by the groups to protect rapidly decreasing Pacific populations of yellowfin and bigeye tuna. But the annual meeting of the Inter American Tropical...

In this paper, we are interested in continuous time models in which the index level induces some feedback on the dynamics of its composing stocks. More precisely, we propose a model in which the log-returns of each stock may be decomposed into a systemic part proportional to the log-returns of the index plus an idiosyncratic part. We show that, when the number of stocks in the index is large, t...