Controlling for idiosyncratic volatility, large stocks earn higher returns than small stocks. Idiosyncratic volatility is positively related to return, but negatively related to size. Failure to control for idiosyncratic volatility generates a downward omitted variable bias, leading to the widely documented negative size-return relation. We explain the two contrasting sizereturn relations in a ...

The concentration on stocks of security investment funds reflects fund managers’ utilization degree of the inefficiency of market, so certain relationship exists between the performance of funds and the concentration on stocks. By analyzing practical data of Chinese stock investment funds, the relationship between the performance and the concentration on stocks is tested in the article, and the...

Prior empirical studies provide evidence that stock price reactions to listing are more favorable for stocks that have higher prospects for listing gains. These studies focus on the listing gains of liquidity and informational value. Our study examines another dimension of listing gain, namely, improved pricing efficiency. We hypothesize that low efficiency stocks in the pre-listing period woul...

In Southern Mexico, shifting cultivation is creating a mosaic of agricultural lands, secondary forests, and disturbed mature forests (montañas). Increased land-use change, due to population and market pressures has changed the structure and function of these forests. This study investigates the stocks and fluxes of woody debris during the course of secondary succession. We inventoried fine ( 1....

Correlations of stocks in time have been widely studied. Both the Random Matrix Theory approach and the graphical visualisation of so-called Minimum Spanning Trees show the clustering of stocks according to industrial sectors. Studying the correlation between stocks traded in markets of different countries we show that the Random Matrix Theory approach is able to separate stocks according to th...

based on the extent and depth of the market, several investment tools exist. one of the most fundamental issues in investment is assets liquidity, because some of the investors may need their investment financial resources immediately. also, liquidity degree of stocks greatly depends on the volume of trades in stock exchange. in this research, the relationship between stocks turnover rate as li...

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...