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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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TL;DR: In this article, the authors evaluate the value of analysts' recommendations in the G7 countries and find that the largest price reactions around recommendation revisions and the largest post-revision price drift in the US are found in all countries except Italy.
202 citations
TL;DR: The authors examined the stability of the stock-oil relationship by GARCH and MGARCH-DCC models and found that stock returns are positively affected by oil prices and a weaker USD/Euro.
202 citations
TL;DR: In this article, the authors investigate whether a bias in consumption towards domestic goods will necessarily lead to a preference for domestic securities in a two-country general equilibrium model, and they show that an investor's optimal portfolio is biased towards domestic equity only if she is less risk averse than an investor with log utility.
Abstract: We investigate, in a two-country general equilibrium model, whether a bias in consumption towards domestic goods will necessarily lead to a preference for domestic securities. We develop a model where investors are constrained to consume only from their domestic capital stock and where it is costly to transfer capital across countries. In this model, investors less risk averse than an investor with log utility bias their portfolios towards domestic assets. Investors more risk averse than log, however, prefer foreign assets. Thus, this model suggests that it is unlikely that the portfolios observed empirically can be explained by the high proportion of domestic goods in total consumption. WE INVESTIGATE, IN A two-country, general equilbrium model, whether a bias in consumption toward domestic goods will necessarily lead to a preference for domestic assets in an investor's optimal portfolio. We constrain investors to consume only from their domestic capital stock and introduce a proportional cost for transferring goods from one country. This cost gives rise to endogenous deviations from the law of one price (LOP). Thus, the home and foreign investors do not hold identical portfolios. We show that an investor's optimal portfolio is biased towards domestic equity only if she is less risk averse than an investor with log utility. Investors with relative risk aversion greater than one exhibit a preference for the foreign asset. This is because the exchange rate, derived endogenously, is negatively correlated with the return on the foreign asset, and therefore, the translated return on the foreign stock is less risky than that on the domestic stock. Thus, the results of this model suggest that it is unlikely that the preference for domestic assets that is observed empirically can be explained by the high proportion of domestic goods in total consumption. There exists a considerable body of literature documenting the gains from international diversification. Grubel (1968) was the first to propose that international diversification allows investors to attain lower return variances than those achievable by diversifying domestically. This proposition relies on the correlation between stock indices across countries being significantly less
201 citations
TL;DR: In this article, beneficial associations between the information environment in emerging stock markets and changes in openness to foreign equity investors reflected in legal, regulatory, and cross-listing events, the fraction of stock available to foreign investors, and the size of U.S. portfolio flows are found.
201 citations
TL;DR: In this paper, the authors presented a methodology by which national building stocks may be aggregated through archetype buildings, and validated the accuracy of the description by simulating energy demand using the ECCABS Building Stock Model, and comparing the final energy demand modelled with corresponding statistical data.
200 citations