We examine whether investor sentiment can explain anomalies such as size and book-to-market in the US stock market. Differently from literature, we test combination portfolios (portfolios formed on more than one factor size, ratio, etc.) of developed markets for same purpose. find that is related to some Europe, Japan, North America global portfolios; hence, anomaly relationship may be universa...

This study introduces multiplayer game in the modern pension market. Particularly, this claims that low earners and high have different interests when playing funded market scheme. differentiating is enabled by avoiding entire society as a single earning cohort. using financial position, demonstrates socio-economic anomaly system, which favor of high-earning cohorts at expense low-earning cohor...

Does Subjective Evaluation of Probability Impact Asset Prices? The Nobel Prize–winning capital asset pricing model (CAPM) predicts that expected excess return any is positively proportional to its exposure the overall market: beta, leading an upward-sloping security market line. However, this prediction contradicted by empirical studies return–beta slope often flat or even downward-sloping, a p...

The existence of the calendar effect as a market anomaly problem proves that there are loopholes in Efficient Market Hypothesis (EMH). By studying effect, scholars can gradually identify and solve problems regulatory information asymmetry financial market. This paper divides Chinese securities into stock market, bond fund derivatives focusing on weekday month effect. summarizing comparing above...

Despite the political sensitivity of foreign capital, existing work on the effect of foreign capital at the firm level is slim. This paper examines the effect of foreign equity ownership and management on firm performance using a panel of Korean firms for the period of 1993-2007 when foreign capital inflows increased dramatically. Empirical results show that foreign equity ownership positively ...

• The role played by the state as a land market regulator in urban areas with natural vulnerability to flooding; as a producer of urban land and housing; and as a builder of defenses against flooding. • Impacts on the land market of flooding and built defenses as well as access to urban land for different population sectors; land value increases and decreases in urban areas according to floodin...

Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions of Use, available at http://www.jstor.org/page/info/about/policies/terms.jsp. JSTOR's Terms and Conditions of Use provides, in part, that unless you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you may use content in the JSTOR archive o...

In a Fisher market, a market maker sells m items to n potential buyers. The buyers submit their utility functions and money endowments to the market maker, who, upon receiving submitted information, derives market equilibrium prices and allocations of its items. While agents may benefit by misreporting their private information, we show that the percentage of improvement by a unilateral strateg...