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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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Journal ArticleDOI
TL;DR: For example, this paper found that sin stocks are less held by norm-constrained institutions such as pension plans as compared to mutual or hedge funds that are natural arbitrageurs, and they receive less coverage from analysts than do stocks of otherwise comparable characteristics.

1,227 citations

Journal ArticleDOI
TL;DR: In this article, the role of information uncertainty in price continuation anomalies and cross-sectional variations in stock returns was investigated, and it was shown that greater information uncertainty should produce relatively higher expected returns following good news and relatively lower expected returns after bad news.
Abstract: There is substantial evidence of short-term stock price continuation, which the prior literature often attributes to investor behavioral biases such as underreaction to new information. This paper investigates the role of information uncertainty in price continuation anomalies and cross-sectional variations in stock returns. If short-term price continuation is due to investor behavioral biases, we should observe greater price drift when there is greater information uncertainty. As a result, greater information uncertainty should produce relatively higher expected returns following good news and relatively lower expected returns following bad news. My evidence supports this hypothesis. THERE IS SUBSTANTIAL EVIDENCE OF SHORT-TERM stock price continuation, which the prior literature often attributes to investor underreaction to new information. Examples include the positive serial correlation of returns at 3- to 12-month horizons (Jegadeesh and Titman (1993)), post-earnings announcement stock price drift in the direction indicated by the earnings surprise, and post-event return drift in the direction of the announcement date return. 1 In this paper I investigate how information uncertainty contributes to this phenomenon. By information uncertainty, I mean ambiguity with respect to the implications of new information for a firm’s value, which potentially stems from two sources: the volatility of a firm’s underlying fundamentals and poor information. 2 My main hypothesis is that if investors underreact to public

1,213 citations

Journal ArticleDOI
TL;DR: In this article, the authors examined the relation between morning sunshine at a country's leading stock exchange and market index stock returns that day at 26 stock exchanges internationally from 1982-97.
Abstract: Psychological evidence and casual intuition predict that sunny weather is associated with upbeat mood. This paper examines the relation between morning sunshine at a country's leading stock exchange and market index stock returns that day at 26 stock exchanges internationally from 1982-97. Sunshine is strongly positively correlated with daily stock returns. After controlling for sunshine, other weather conditions such as rain and snow are unrelated to returns. If transactions costs are assumed to be minor, it is possible to trade profitably on the weather. These results are difficult to reconcile with fully rational price-setting.

1,211 citations

Journal ArticleDOI
TL;DR: This article found that households exhibit a strong preference for local investments and that the average household generates an additional annualized return of 3.2% from its local holdings relative to its non-local holdings, suggesting that local investors can exploit local knowledge.
Abstract: Using data on the investments a large number of individual investors made through a discount broker from 1991 to 1996, we find that households exhibit a strong preference for local investments. We test whether this locality bias stems from information or from simple familiarity. The average household generates an additional annualized return of 3.2% from its local holdings relative to its nonlocal holdings, suggesting that local investors can exploit local knowledge. Excess returns to investing locally are even larger among stocks not in the SP but the wise man saith, “Put all your eggs in one basket and—watch that basket.” Mark Twain, 1894 THE FINANCE LITERATURE HAS YIELDED a large number of in-depth studies concerning the investments managed by professional money managers, yet historically, relatively little has been known about the individual investors’ money management, in no small part because of the shortage of high-quality data available for academic research. This is despite the fact that United States individual investors have been holding around 50% of the stock market in direct stock

1,188 citations

Journal ArticleDOI
TL;DR: This paper found that an increase in real oil price is associated with a significant increase in the short-term interest rate in the U.S. and eight out of 13 European countries within one or two months.

1,180 citations


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Performance
Metrics
No. of papers in the topic in previous years
YearPapers
202237
20211,825
20201,882
20191,697
20181,539
20171,706