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: The authors developed a series of cross-sectional regression specifications to forecast skewness in the daily returns of individual stocks, and found that negative skewness is most pronounced in stocks that have experienced an increase in trading volume relative to trend over the prior six months, consistent with the model of Hong and Stein (NBER Working Paper, 1999), and positive returns over the past 36 months, which fits with a number of theories, most notably Blanchard and Watson's (Crises in Economic and Financial Structure) rendition of stock-price bubbles.
1,104 citations
TL;DR: This paper analyzed the relationship between employee satisfaction and long-run stock returns and found that employee satisfaction is positively correlated with shareholders' returns and need not represent managerial slack, even when independently verified by a highly public survey on large firms.
1,102 citations
TL;DR: In this paper, the authors analyze how changes in government policy affect stock prices and find that stock prices fall at the announcements of policy changes, on average, if uncertainty about government policy is large, as well as if the policy change is preceded by a short or shallow downturn.
Abstract: We analyze how changes in government policy affect stock prices. Our general equilibrium model features uncertainty about government policy and a government that has both economic and non-economic motives. The government tends to change its policy after performance downturns in the private sector. Stock prices fall at the announcements of policy changes, on average. The price fall is expected to be large if uncertainty about government policy is large, as well as if the policy change is preceded by a short or shallow downturn. Policy changes increase volatility, risk premia, and correlations among stocks. The jump risk premium associated with policy decisions is positive, on average.
1,100 citations
TL;DR: The authors analyzed the trading activity of the mutual fund industry between 1975 and 1994 to determine whether funds "herd" when they trade stocks and investigate the impact of herding on stock prices.
Abstract: We analyze the trading activity of the mutual fund industry between 1975 and 1994 to determine whether funds "herd" when they trade stocks and to investigate the impact of herding on stock prices. Although we find little herding by mutual funds in the average stock, we find much higher levels in trades of small stocks and in trading by growth-oriented funds. Stocks that herds buy outperform stocks that they sell by four percent during the following six months; this return difference is much more pronounced among small stocks. Our results are consistent with mutual fund herding speeding the price-adjustment process.
1,100 citations
TL;DR: This article found that short-sale constraints are most likely to bind among stocks with low institutional ownership, and that stock loan supply tends to be sparse and short selling more expensive when institutional ownership is low.
1,099 citations