股权分置改革对公众投资者利益影响因素的分析

本文分析了股改对公众投资者利益的影响和影响因素,结果发现,股改使得现有公众投资者股权价值也得到了较大提高,但公司业绩没有发生明显变化;在所有因素中股改后股权结构的变化和市场流通情况是影响现有公众投资者利益变化的主要因素,从而说明关注股权结构和市场流通能保护现有公众投资者的利益。     

Sentiment,Loss Firms,and Investor Expectations of Future Earnings*

This study investigates the mispricing of market‐wide investor sentiment by exploring the relation between sentiment and investor expectations of future earnings. Prior research argues that sentiment‐driven mispricing should be most pronounced for hard‐to‐value firms, such as those reporting losses (Baker and Wurgler 2006). Using investor expectations of future earnings, we provide empirical results consistent with this behavioral finance theory. We predict and find that investors perceive losses to be more (less) persistent during periods of low (high) sentiment; that (in contrast) investors perceive profit persistence to be lower (higher) during periods of low (high) sentiment; and that the effects appear stronger for loss firms relative to profit firms. We also document predictable cross‐sectional variation within losses (with the mispricing mitigated for losses associated with activities expected to generate future benefits), R&D, growth, large negative special items, and severe financial distress. Overall, our results document a new and important channel—investor expectations of future earnings—to explain sentiment‐driven mispricing.     

Industry regulation,fund characteristics,and the efficiency of Australian private health insurers

We examine the technical and scale efficiency of 30 Australian private health insurers during the period 2010–2017 using data envelopment analysis (DEA). We calculate industry pure technical efficiency of 91.6 percent and scale efficiency of 95.1 percent. We also employ a two‐stage DEA truncated bootstrapped regression to model efficiency on fund and policy factors. The results show that premium restrictions and risk equalisation policies, and fund characteristics like size, but not for‐profit/not‐for‐profit status, market share and leverage, exert significant effects. The findings suggest substantial scope for regulatory reform and structural change in the Australian private health insurance industry as a means of improving its efficiency.     

Crossing Borders: Foreign Investment and Sentiment in Korea

This study examines the effect of global investor sentiment on capital inflows in the Korean stock and bond markets using textual analysis. First, we conclude that global investor sentiment about Korea causes fluctuations in capital inflows to the Korean stock market. Second, global investor sentiment about Korea causes foreign investors to modify their investments but not by enough to cause drastic changes. Third, positive sentiment about Asia-Pacific countries results in more foreign investment in Korea. The results suggest that research on global investor sentiment provides insight into the determinants of capital flows and has implications for capital flow management policies.     

Competition in the acquisition market and returns to bidders in Australia

This study investigates the impact of takeover market competition on the short-run market performance of Australian acquirers. While the market for corporate control predicts a positive association between takeover market competition and acquirers’ announcement period returns, the winner’s curse hypothesis predicts a negative relationship. Using six alternative proxies to capture acquisitions market competition, I find that takeover market competition has a significant negative influence on acquirers’ announcement period returns. However, this effect is more pronounced among private target acquirers, large acquirers and stock-financed acquisitions. The findings further reveal that large bidders acquiring private targets through stock-financed acquisitions are the most penalised group in the capital market in a competitive acquisitions market. Additionally, evidence is found which suggests that competition-induced bids are associated with significantly higher bid premiums and experience negative post-acquisition performance. The findings remain robust to the implementation of alterations to several methodological concerns, the issue of endogeneity and sample selection variations.     

Trust transfer from manufacturer to private label brand: The moderating role of grocery store format

Guided by the theory of trust transfer, the present study sheds new insights on the role of trust in manufacturer brand on trust in private label brand (PLB), perceived risk and willingness to buy (WTB). The moderating role of grocery store format between trust in manufacturer brand, trust in PLB and WTB is also examined. The empirical data were collected by means of a written survey instrument from consumers. The hypotheses were analyzed with maximum-likelihood estimation. The results revealed the positive influence of perceived manufacturer brand quality on trust in manufacturer brand and trust in PLB. The positive linkage between trust in manufacturer brand and trust in PLB is also supported. The negative influence of trust in manufacturer brand and trust in PLB on perceived risk was revealed and the positive impact of trust in manufacturer brand and trust in PLB on WTB was also confirmed. The findings provide support for the negative link between perceived risk and WTB. Additionally, perceived risk partially mediates the relationships between trust in manufacturer brand, trust in PLB and WTB. Furthermore, store format moderates the impact of trust in manufacturer brand and trust in PLB on WTB. Theoretical and managerial implications are presented based of the research findings.     

Exports and governance: the role of private voluntary agrifood standards

The empirical evidence that institutional differences across countries affect bilateral trade is robust. The crucial question remains how countries can enhance trade amid these differences. In this article, we measure the degree to which governance and institutions differ between countries as “governance distance.” Using a sample of EU/EFTA imports, we examine how adopting private agrifood safety standards modify the effect of governance distance on exports of fruits and vegetables, in particular apples, bananas, and grapes, within a structural gravity framework. Our results show that while increasing governance distance hinders bilateral trade, the interaction of standards and the governance distance is positively associated with exports, hence partially offsetting the direct trade‐inhibiting effects of the latter. GlobalGAP certified countries see the trade‐inhibiting effects of governance distance on their exports reduced by about 50%, ceteris paribus.     

Risky short positions and investor sentiment: Evidence from the weekend effect in futures markets

This paper examines the weekend effect in futures markets and presents rational and behavioral reasons for its existence. Specifically, we document a weekend effect (Friday's return minus the following Monday's return) in futures markets. The weekend effect occurs partly because of asymmetric risk between long and short positions around weekends; the weekend effect increases when short positions are relatively more risky. In addition, we find that both lagged and contemporaneous changes in investor sentiment are related to the weekend effect. These results are consistent with the investor sentiment literature that finds that mood improves on Fridays but deteriorates on Mondays.     

Overconfidence Mediates How Perception of past Portfolio Returns Affects Investment Behaviors

Investors’ perception of past portfolio returns predicts their investment behavior, but does this relationship mediate by overconfidence? Taking into account different aspects of overconfidence, this paper examines whether overconfidence manifested as illusion of control, miscalibration and better-than-average mediates the association between perception of past portfolio returns and investment behavior. In a survey study with individual and institutional investors from Malaysia, the results indicate that perception of higher past portfolio returns increases investors’ trading, percentage of risky share investment and the number of financial asset holding, through the mediating channel of better-than-average effect. While individual investors are influenced by this overconfidence mechanism, institutional investors are not sensitive. This finding has theoretical implication for overconfidence model, house money effect and naïve reinforcement learning. Practically, the results imply that individual investors should be careful about underlying overconfidence biases as it can lead to inefficient decisions.     

Bankruptcy regime and the banking system

Banks’ behavior as creditors relies heavily on the content of legal rights granted by the national bankruptcy laws. Using a sample of 87 countries over the period 2005–2016, this paper investigates whether the degree of such legal rights influences the following banking indicators: (1) private credit, (2) bank lending-deposit spread, and (3) foreign banks’ presence. Robust dynamic panel estimates indicate a significant and positive impact only on foreign banks’ presence in countries with a high level of creditors’ protection and bankruptcy systems that encourage the survival of financially distressed firms.