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1.
The patterns of daily returns in over-the-counter (OTC) stocks are examined to determine if a holiday effect exists in the OTC market. For the sample period of 1973–1989, test results provide evidence of unusually high returns on pre-holiday trading days and unusually low returns on post-holiday trading days in the OTC market. Additional analyses indicate that other documented calendar anomalies do not cause the pre-holiday effect, but the day-of-the-week effect apparently drives the post-holiday effect. 相似文献
2.
A threshold citation approach is used to measure the research influence of academic real estate journals, institutions and individual researchers. Real Estate Economics followed by The Journal of Real Estate Finance and Economics and Journal of Real Estate Research are the most influential real estate journals. Almost 63% of heavily cited works in core real estate journals are published in real estate journals. Twenty-one percent of the heavily cited works are published in Real Estate Economics . An overwhelming 80% of the citations of the 21 most heavily cited papers in real estate come from articles published in real estate journals. Even when real estate articles are published in top-tier finance and economics journals, the majority of the citations associated with these articles come from top real estate journals. This provides strong evidence of the existence of a distinct real estate research discipline. As compared to prior studies, an expanded universe of institutions is found to influence real estate research. Research-extensive universities generating high-quality economics, statistics and finance research influence the real estate discipline. The individuals that are most influential, however, are generally those with substantial real estate discipline specific research. 相似文献
3.
William G. HardinIII Kartono Liano Kam C. Chan Robert C. W. Fok 《Review of Quantitative Finance and Accounting》2008,31(3):225-240
The research productivity of board members of the top academic finance journals—Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Financial and Quantitative Analysis, and Financial Management—is investigated. Discipline specific benchmarks for substantial research excellence are determined and an evaluation of influential
finance journals is presented. Publication in Journal of Finance is the most notable benchmark for selection to the editorial board of any of the finance journals evaluated. The results
imply that publishing one article in Journal of Finance, Journal of Financial Economics or Review of Financial Studies in a 5-year period coupled with additional appearances in the broader top tier finance journals would be representative of
exceptional research achievement.
相似文献
Robert C. W. FokEmail: |
4.
Gow-Cheng Huang Kartono Liano Ming-Shiun Pan 《The Journal of Real Estate Finance and Economics》2009,39(4):439-449
This study examines whether the announcement of real estate investment trust (REIT) open-market stock repurchase programs
contain information content about future operating performance over the period 1990–2001. We find no evidence that REIT stock
buybacks are positively related to the operating performance. In fact, the operating performance of our sample REIT firms
peak at the repurchase announcement year and deteriorate in the years following the announcement of share repurchases. Nevertheless,
the sample REITs show higher levels of post-repurchase operating performance when compared to those of the pre-repurchase
period. Additionally, our regression analysis shows that changes in future operating performance can explain the positive
announcement effect. 相似文献
5.
We use a threshold citation approach to measure the influence of articles, journals, institutions and researchers in accounting research. The Journal of Accounting Research, the Journal of Accounting and Economics and Accounting Review are the 3 most influential journals in accounting research. The 3 most influential institutions in accounting research are the University of Chicago, the University of Pennsylvania and the University of Michigan, while the 3 most frequently cited authors in accounting research are Richard G. Sloan, Robert E. Verrecchia and Paul M. Healy. 相似文献
6.
Gow-Cheng Huang Kartono Liano Ming-Shiun Pan 《Review of Quantitative Finance and Accounting》2006,26(4):347-367
This study examines whether stock split announcements contain information content about future profitability, measured in
terms of future earnings change, future earnings, or future abnormal earnings. We find that the split announcement year has
the highest earnings change and the earnings change declines substantially over the subsequent five years. Our empirical results
show little evidence that stock splits are positively related to future profitability. In fact, stock splits are in general
negatively related to future profitability in subsequent years after the announcement, except for dividend-paying firms with
a split factor less than 0.5. This negative relation holds regardless of future profitability measure. Therefore, our empirical
finding suggests that stock splits are not useful signals of a firm’s future earnings prospects.
JEL Classification G30 相似文献
7.
William G. HardinIII Kartono Liano Gow-Cheng Huang Gregory L. Nagel 《The Journal of Real Estate Finance and Economics》2007,34(4):499-511
The ex-dividend pricing of real estate investment trust (REIT) stocks under fractional and decimal pricing regimes is investigated.
For REITs, with the move from discrete to decimal pricing, the price drop on the ex-dividend day approaches the dividend amount,
the ex-date abnormal return decreases, the spread-to-dividend ratio declines, abnormal trading volume increases, and the potential
erroneous appearance of a tax-clientele effect is diminished. Discreteness and other transaction costs are reduced with decimalization
implying that part of the persistence in the appearance of the tax-clientele effect when modeling ex-dividend stock pricing
might be generated by the interaction between transaction costs, dividend amount, and yield.
相似文献
8.
By effectively removing the differential taxation of dividends and capital gains, the 1986 Tax Reform Act provides a unique opportunity to re-examine the “tax induced clientele” explanation of ex-dividend day price behavior. The analysis indicates an increased preference for dividends and provides evidence of significant abnormal volume during the ex-dividend period, consistent with dividend induced trading activity. In addition, the level of dividend preference is found to be far greater on the organized exchanges than in OTC trading. 相似文献
9.
An analysis of the weekend effect within the monthly effect 总被引:1,自引:0,他引:1
This study analyzes the weekend effect in the first half and the second half of the month and finds a weekend effect: Friday's returns are significantly greater than Monday's returns. However, the spread between Monday's and Friday's returns shifts between the first half and the second half of the month. Consequently, a plausible explanation for the weekend effect should consider the shifting of Monday-Friday returns across the month. In addition, the 1982–1992 period does not exhibit a monthly effect or a weekend effect for the value-weighted index. 相似文献
10.
William?G.?HardinIIIEmail author Kartono?Liano Gow-Cheng?Huang 《The Journal of Real Estate Finance and Economics》2005,30(3):297-315
An analysis of real estate investment trust (REIT) stock splits is presented. Evaluation of the initial reaction to split REITs supports efficient market pricing where REITs generate statistically significant positive announcement date returns, no statistically significant record date returns, and muted ex-date returns. In the long-term, split REITs do not consistently out perform benchmark portfolios over one-year, two-year, and three-year periods. REITs split subsequent to a substantial run up in stock price and to improve the position of their post split stock price relative to the stock price of the typical REIT. 相似文献