International Entrepreneurship and Management Journal - This study examines the effects of firm resources on entrepreneur subsidiaries of business groups. Resource-based theory is the foundation... 相似文献
If returns on some stocks systematically lead or lag those ofothers, a portfolio strategy that sells 'winners' and buys 'losers'can produce positive expected returns, even if no stock's returnsare negatively autocorrelated as virtually all models of overreactionimply. Using a particular contrarian strategy we show that,despite negative autocorrelation in individual stock returns,weekly portfolio returns are strongly positively autocorrelatedand are the result of important cross-auto-correlations. Wefind that the returns of large stocks lead those of smallerstocks, and we present evidence against overreaction as theonly source of contrarian profits. 相似文献
We examine the implications of portfolio theory for the cross-sectionalbehavior of equity trading volume. Two-fund separation theoremssuggest a natural definition for trading activity: share turnover.If two-fund separation holds, share turnover must be identicalfor all securities. If (K + 1)-fund separation holds, we showthat turnover satisfies an approximately linear K-factor structure.These implications are examined empirically using individualweekly turnover data for NYSE and AMEX securities from 1962to 1996. We find strong evidence against two-fund separation,and a principal-components decomposition suggests that turnoveris well approximated by a two-factor linear model. 相似文献
In this article we test the random walk hypothesis for weeklystock market returns by comparing variance estimators derivedfrom data sampled at different frequencies. The random walkmodel is strongly rejected for the entire sample period (1962-1985)and for all subperiods for a variety of aggregate returns indexesand size-sorted portfolios. Although the rejections are duelargely to the behavior of small stocks, they cannot be attributedcompletely to the effects of infrequent trading or time-varyingvolatilities. Moreover, the rejection of the random walk forweekly returns does not support a mean-reverting model of assetprices. 相似文献
Review of Quantitative Finance and Accounting - The number 8 is considered lucky under the Chinese culture. This paper tries to examine whether investors hold such superstitious belief in the Hong... 相似文献
Review of Quantitative Finance and Accounting - Specialized funds such as charitable trusts do not attach much value to consumption, instead, they pursue to maintain a satisfactory level of... 相似文献
Funding for early-stage biomedical innovation has become more difficult to secure at the same time that medical breakthroughs seem to be occurring at ever increasing rates. One explanation for this counterintuitive trend is that increasing scientific knowledge can actually lead to greater economic risk for investors in the life sciences. While the Human Genome Project, high-throughput screening, genetic biomarkers, immunotherapies, and gene therapies have made a tremendously positive impact on biomedical research and, consequently, patient lives, they have also increased the cost and complexity of the drug development process, causing many investors to shift their assets to more attractive investment opportunities. This suggests that new business models and financing strategies can be used to reduce the risk and increase the attractiveness of biomedical innovation so as to bring new and better therapies to patients faster.
This paper seeks to reappraise the performance of China's state-ownedindustrial enterprises over the period 1980-96. By examiningall the available indicators of performance, and by placingthat performance in the context of the country's specific pathof economic system reform and industrial growth, it argues thatthe state-owned enterprises (SOEs) have performed much betterthan is widely perceived in the literature. In particular, theperformance of large-scale, state-owned enterprises has beenat least comparable to that of the acclaimed collectively-ownedenterprises. The latter have been much more market-orientedthan SOEs, but their status has been equally unclear from thestandpoint of private ownership. The paper thus constitutesa challenge to the big-bang or shock-therapy approach to thetransformation of Soviet-type economic systems. 相似文献
Tests of financial asset pricing models may yield misleadinginferences when properties of the data are used to constructthe test statistics. In particular, such tests are often basedon returns to portfolios of common stock, where portfolios areconstructed by sorting on some empirically motivated characteristicof the securities such as market value of equity. Analyticalcalculations, Monte Carlo simulations, and two empirical examplesshow that the effects of this type of data snooping can be substantial. 相似文献
Engineering is a practical discipline, dedicated to the solution of problems through the sound application of principles derived from the natural sciences and mathematics. Engineering pedagogy has therefore to balance the need for learners to gain a deep understanding of the theoretical basis of the problem domain whilst grasping its practical implications. However, little is known as to the most effective sequence of delivery: is it better to begin with theory and build up to practice or vice versa? Here, we present the idea of testing this through a carefully designed pedagogical experiment. We begin by discussing the issues around the creation of a pedagogical experiment to answer such a question, and define the nature and scope of such experiments. We then create a formal framework within which such questions can be tested and present an experiment in the domain of architectural engineering that pilots this new approach. Finally, we discuss the utility of using such a framework to lead evidence-based discussions of pedagogical practice within the engineering education literature, and conclude that similar experiments could be, and should be, completed by other teams wanting to examine delivery order or other binary choice situations.