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1.
Trading and Pricing in Upstairs and Downstairs Stock Markets 总被引:6,自引:0,他引:6
Booth G. Geoffrey; Lin Ji-Chai; Martikainen Teppo; Tse Yiuman 《Review of Financial Studies》2002,15(4):1111-1135
We provide empirical evidence on the economic benefits of negotiatingtrades in the upstairs trading room of brokerage firms relativeto the downstairs market. Using Helsinki Stock Exchange data,we find that upstairs trades tend to have lower informationcontent and lower price impacts than downstairs trades. Thisis consistent with the hypotheses that the upstairs market isbetter at pricing uninformed liquidity trades and that upstairsbrokers can give better prices to their customers if they knowthe unexpressed demands of other customers. We find that theseeconomic benefits depend on price discovery occurring in thedownstairs market. 相似文献
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In this paper, we develop a theoretical framework for understanding women leaders in working life. Our starting point is in statistics and earlier women-in-management literature, which show that women leaders represent a minority of the managerial population. We assume such underlying mechanisms causing discriminatory practices towards women leaders to exist which have become naturalized and invisible. Our concern is that everyone irrespective of gender should have a fair chance in career progression. This is both a moral and also an economic challenge. The framework we develop in this paper is an alternative approach to studying women leaders compared to traditional women-in-management literature. It aims at revealing the "natural and taken-for-granted" cultural mechanisms behind discriminatory practices. Our framework is based on a critical discursive approach, which draws on ideas of how women's leadership becomes symbolically represented and constructed in discursive practices. These symbolic constructions, which are mediated through language, often have an ideological loading which positions women leaders and builds their identities in ways that can help to legitimize unequal relations between the genders. However, our framework emphasizes the possibility of multiple discourses and a dynamic view of culture. The cultural constructions of women leaders are, thus, open to change. 相似文献
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G. Geoffrey Booth Teppo Martikainen Jukka Perttunen Paavo Yli-Olli 《Journal of Business Finance & Accounting》1994,21(3):395-408
This paper examines the functional form of earnings and stock prices on US and Finnish stock markets. Although the functional specification of the components of financial ratios based on purely accounting numbers has received considerable attention, the functional form of earnings and stock prices has not been investigated carefully enough. This investigation is, however, important because of the common use of E/P ratio in financial statement analysis. The empirical evidence provided by this study indicates that the proportional relationship between earnings and stock prices is rejected in both countries. In addition, it is discovered that this deviation from proportionality is a major factor producing the so-called E/P anomaly in these two countries. 相似文献
4.
Theodore Bos Thomas A. Fetherston Teppo Martikainen ∗ Jukka Perttunen 《European Journal of Finance》2013,19(1):95-111
This paper provides new empirical evidence on the international co-movements of Finnish stocks. The vector autoregression (VAR) approach indicates that US and especially Swedish stock markets lead Finnish stock market returns by approximately one or two months. The results based on international market models indicate that the returns of individual Finnish stocks are significantly positively related to those of Sweden, while the relation between Finnish and US returns is significantly lower. The relation seems to vary clearly between industries, some industries being related to US markets as well. Significant time-series instability is reported in the results, however. 相似文献
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G. Geoffrey Booth Mustafa Chowdhury Teppo Martikainen 《Review of World Economics》1994,130(4):730-746
The Effect of Foreign Ownership Restrictions on Stock Price Dynamics. —This paper uses Finnish data to explore the impact of foreign ownership restrictions on the dynamic properties of domestic stock prices. These restrictions create unrestricted stocks (foreign and domestic ownership) and restricted stocks (domestic ownership). Unrestricted share prices are significantly more volatile than those of restricted shares but their means are not significantly different from each other. The returns on the two types of shares are found to be generated by an error correction model. These results support the hypothesis that the unrestricted share prices tend to overshoot relative to equilibrium with the arrival of new information. 相似文献
7.
Teppo Martikainen 《Journal of Business Finance & Accounting》1993,20(4):537-557
This paper incorporates the findings of empirical classification patterns of financial ratios to studies investigating the relation between stock returns and financial factors of a firm. The empirical results indicate that the relevant information of the investigated financial characteristics of a firm can be presented in one factor, with respect to which single financial ratios seem not to have incremental information content in the Finnish stock market. In crossindustry sample this factor is reported to be leverage. However, when studying purely industrial firms, the most important factor consists of ratios representing several a priori characteristics of a firm. 相似文献
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Pasi Sajasalo Tommi Auvinen Tuomo Takala Marko Järvenpää Teppo Sintonen 《Accounting & Business Research》2016,46(3):303-325
In this empirical case study we explore the fantasy nature of strategy work and propose fantasising as a framework contributing to the nascent literature dealing with the previously overlooked fantasy nature of strategy. More specifically, our interest is on examining how the meaning of official strategy gets constructed as it is being implemented, as well as and how and why the perceptions may evolve during implementation. Our data consists of official strategy documents and interviews from Finland's largest financial services group and its largest unit. The interviews cover all organisational levels, enabling us to reveal the variations of perceptions of strategy as it is being implemented. The data analysis is carried out by means of qualitative interpretation. According to our findings, the main goal of becoming the leading bank, as outlined in the official strategy, had been adopted throughout the organisation hierarchically. However, conceptions of what would constitute ‘a leading bank’ varied, especially horizontally. The plausibility of the official strategy is constructed through rational techniques (e.g. numerical ‘objective’ accounting information) intertwined with storytelling. As a result we propose that strategy implementation may best be understood as fantasising involving two forms: functional (explicit, short-term-oriented) and symbolic (metaphorical, long-term-oriented). We offer fantasising in these two forms as an addition to fantasy-oriented strategy literature for further exploration to better understand the nature of strategy work. 相似文献
10.
We demonstrate that the value of a single threshold investment strategy under stochastic dynamics allowing both continuous
fluctuations and instantaneous downward jumps has a certainty equivalent representation in terms of the value of this strategy
under risk-adjusted deterministic dynamics, and that this risk adjustment can be made either to the discount rate or to the
expected infinitesimal growth rate of the underlying. In this way our analysis characterizes a class of optimal timing problems
of irreversible investments for which the solution of the stochastic problem coincides with the solutions of certain risk-adjusted
deterministic optimal timing problems. 相似文献