Topic
Stock (geology)
About: Stock (geology) is a research topic. Over the lifetime, 31009 publications have been published within this topic receiving 783542 citations.
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TL;DR: In this paper, the authors re-examine the random walk hypothesis for eight emerging equity markets in Asia: Hong Kong, Indonesia, Korea, Malaysia, the Philippines, Singapore, Taiwan, and Thailand.
224 citations
TL;DR: In this paper, the authors find that brokerage volume is significantly higher in covered stocks than in uncovered stocks, and on average, brokers increase their market share in the covered stocks by 3.8% relative to uncovered stocks.
224 citations
TL;DR: The case for young people investing more heavily than older people in stocks cannot be rest solely on the long-run properties of stock returns as mentioned in this paper, and the proposition that stocks in their portfolios are a better hedge the longer the maturity of their obligations is unambiguously wrong.
Abstract: A familiar proposition is that investing in common stocks is less risky the longer an investor plans to hold them. If this proposition were true, then the cost of insuring against earning less than the risk-free rate of interest should decline as the investment horizon lengthens. This paper shows that the opposite is true, even if stock returns are mean reverting in the long run. The case for young people investing more heavily than older people in stocks cannot, therefore, rest solely on the long-run properties of stock returns. For guarantors of money-fixed annuities, the proposition that stocks in their portfolios are a better hedge the longer the maturity of their obligations is unambiguously wrong.
223 citations
TL;DR: In this article, the authors show that the environment more strongly influences recruitment than spawning biomass over the observed stock sizes for many stocks in the RAM Legacy Stock Assessment Database, and that spawning biomass may not drive recruitment dynamics.
Abstract: Assumptions about the future productivity of a stock are necessary to calculate sustainable catches in fisheries management. Fisheries scientists often assume the number of young fish entering a population (recruitment) is related to the biomass of spawning adults and that recruitment dynamics do not change over time. Thus, managers often use a target biomass based on spawning biomass as the basis for calculating sustainable catches. However, we show recruitment and spawning biomass are not positively related over the observed range of stock sizes for 61% of 224 stocks in the RAM Legacy Stock Assessment Database. Furthermore, 85% of stocks for which spawning biomass may not drive recruitment dynamics over the observed ranges exhibit shifts in average recruitment, which is often used in proxies for target biomasses. Our results suggest that the environment more strongly influences recruitment than spawning biomass over the observed stock sizes for many stocks. Management often endeavours to maintain stock sizes within the observed ranges, so methods for setting management targets that include changes within an ecosystem may better define the status of some stocks, particularly as climate changes.
223 citations
TL;DR: This paper proposed a new measure of managerial ability that weighs a fund's market timing more in recessions and stock picking more in booms than either market timing or stock picking alone and predicts fund performance.
Abstract: We propose a new definition of skill as general cognitive ability to pick stocks or time the market. We find evidence for stock picking in booms and market timing in recessions. Moreover, the same fund managers that pick stocks well in expansions also time the market well in recessions. These fund managers significantly outperform other funds and passive benchmarks. Our results suggest a new measure of managerial ability that weighs a fund's market timing more in recessions and stock picking more in booms. The measure displays more persistence than either market timing or stock picking alone and predicts fund performance.
223 citations