Stock (geology)

About: Stock (geology) is a research topic. Over the lifetime, 31009 publications have been published within this topic receiving 783542 citations.

Are Investors Moonstruck? - Lunar Phases and Stock Returns

Abstract: This paper investigates the relation between lunar phases and stock market returns of 48 countries. The findings indicate that stock returns are lower on the days around a full moon than on the days around a new moon. The magnitude of the return difference is 3% to 5% per annum based on analyses of two global portfolios: one equal-weighted and the other value-weighted. The return difference is not due to changes in stock market volatility or trading volumes. The data show that the lunar effect is not explained away by announcements of macroeconomic indicators, nor is it driven by major global shocks. Moreover, the lunar effect is independent of other calendar-related anomalies such as the January effect, the day-of-week effect, the calendar month effect, and the holiday effect (including lunar holidays).

Contrasting Global Trends in Marine Fishery Status Obtained from Catches and from Stock Assessments

Abstract: There are differences in perception of the status of fisheries around the world that may partly stem from how data on trends in catches over time have been used. On the basis of catch trends, it has been suggested that about 70% of all stocks are overexploited due to unsustainable harvesting and 30% of all stocks have collapsed to <10% of unfished levels. Catch trends also suggest that over time an increasing number of stocks will be overexploited and collapsed. We evaluated how use of catch data affects assessment of fisheries stock status. We analyzed simulated random catch data with no trend. We examined well-studied stocks classified as collapsed on the basis of catch data to determine whether these stocks actually were collapsed. We also used stock assessments to compare stock status derived from catch data with status derived from biomass data. Status of stocks derived from catch trends was almost identical to what one would expect if catches were randomly generated with no trend. Most classifications of collapse assigned on the basis of catch data were due to taxonomic reclassification, regulatory changes in fisheries, and market changes. In our comparison of biomass data with catch trends, catch trends overestimated the percentage of overexploited and collapsed stocks. Although our biomass data were primarily from industrial fisheries in developed countries, the status of these stocks estimated from catch data was similar to the status of stocks in the rest of the world estimated from catch data. We conclude that at present 28-33% of all stocks are overexploited and 7-13% of all stocks are collapsed. Additionally, the proportion of fished stocks that are overexploited or collapsed has been fairly stable in recent years.

Government Spending, Political Cycles and the Cross Section of Stock Returns

Abstract: Using a novel measure of industry exposure to government spending, we document predictable variation in cash flows and stock returns over political cycles. During Democratic presidencies, firms with high government exposure experience higher cash flows and stock returns, while the opposite pattern holds true during Republican presidencies. Business cycles, firm characteristics, and standard risk factors do not account for the pattern in returns across presidencies. An investment strategy that exploits the presidential cycle predictability generates abnormal returns as large as 6.9 percent per annum. Our results suggest market under reaction to predictable variation in the effect of government spending policies.

Macroeconomic variables and the Malaysian equity market: A view through rolling subsamples

Abstract: Analyzes dynamic linkages between stock prices and four macroeconomic variables for the case of Malaysia using standard and well‐accepted methods of cointegration and vector autoregression. Empirical results suggest the presence of a long‐run relationship between these variables and the stock prices and substantial short‐run interactions among them. In particular, documents positive short‐run and long‐run relationships between the stock prices and two macroeconomic variables. The exchange rate, however, is negatively associated with the stock prices. For the money supply, documents immediate positive liquidity effects and negative long‐run effects of money supply expansion on the stock prices. Also notes the predictive role of the stock prices for the macroeconomic variables. However, there seems to be irregularity in the data when observations from the recent crisis are included. Finally, documents the disappearance of the immediate positive liquidity effects of the money supply shocks and unstable interactions between the stock prices and the exchange rate over time.