Utilizing a unique database of daily trading activity, this study examines the ability of active Australian equity managers to earn superior risk-adjusted returns. We find evidence of superior trade performance, where performance is a function of stock size. Our findings indicate that active equity managers are able to successfully exploit private information more readily in stocks ranked 101-1...

The aim of this paper is to empirically investigate the effect of Intellectual Capital (IC) and its components on financial performance of Iranian banks accepted in Tehran Stock Exchange (TSE). The financial performances were measured by return on equity (ROE), return on assets (ROA), assets turnover (ATO), and book to market ratio (MB). This research covers 14 banks listed in TSE over the peri...

The basic model for valuation of firm is the Dividend Discount Model (DDM). When investors buy stocks, they expect to receive two types of cash flow: dividend in the period during which the stock is owned, and the expected sales price at the end of the period. In the extreme example, the investor keeps the stock until the company is liquidated; in such a case, the liquidating dividend becomes t...

the stock selection problem is one of the major issues in the investment industry, which is mainlysolved by analyzing financial ratios. however, considering the complexity and imprecise patterns ofthe stock market, obvious and easy-to-understand investment rules, based on fundamental analysis,are difficult to obtain. fundamental and technical analyses are two common methods for predictingthe fu...

The 1990s were remarkably good to U.S. stockholders. Stock returns for the decade averaged 16.1 percent per year, almost twice the historical average of 8.7 percent. The decade began modestly enough, yielding a 5.9 percent annual return to equity from 1990 to 1995, but it f inished exceptionally strong, with an astonishing 26.3 percent average annual return from 1996 to 1999. As returns mounted...

In this paper, the data of Chinese stock markets is analyzed by the statistical methods and computer sciences. The fluctuations of stock prices and trade volumes are investigated by the method of Zipf plot, where Zipf plot technique is frequently used in physics science. In the first part of the present paper, the data of stocks prices and trade volumes in Shanghai Stock Exchange and Shenzhen S...

To explain the variation in US asset returns in the 20th century, we solve an equilibrium model in which households face housing collateral constraints. An increase in the ratio of housing to human wealth loosens these constraints. It allows for more risk sharing and decreases the rate of return that households require for holding equity. This collateral mechanism can explain the time-variation...

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...