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 article, the authors present the first empirical study on the announcement returns and real effects of green bond issuance by firms in 28 countries during 2007-2017, and find that stock prices positively respond to green-bond issuance.
Abstract: The green bond market has been growing rapidly worldwide since its debut in 2007. We present the first empirical study on the announcement returns and real effects of green bond issuance by firms in 28 countries during 2007-2017. After compiling a comprehensive international green bond dataset, we document that stock prices positively respond to green bond issuance. However, we do not find a significant premium for green bonds, suggesting that the positive stock returns are not driven by the lower cost of debt. Nevertheless, we show that institutional ownership, especially from domestic institutions, increases after the firm issues green bonds. Moreover, stock liquidity significantly improves upon the issuance of green bonds. Overall, our findings suggest that the firm’s issuance of green bonds is beneficial to its existing shareholders.
188 citations
TL;DR: In this paper, the effects of leader pricing and rain check policies on stores' profits and market outcomes were investigated in a retail market with rain checks and loss leader pricing, where stores can accurately predict demand and still run out of stock.
Abstract: Loss leader pricing and rain check policies are common in retail markets, yet research on these topics is surprisingly scarce. In this paper, we study the effects of leader pricing and rain check policy on stores' profits and market outcomes. Suppose stores can accurately predict demand. Might they still run out of stock? We investigate whether such a result is plausible when stores can offer rain checks. The paper also helps resolve an issue that has recently attracted much attention: Should the FTC repeal its rule prohibiting stock outs of advertised sale items?
188 citations
TL;DR: In this article, the authors examined the impact of political uncertainty on the volatility of major stock markets in the MENA region by distinguishing between conventional and Islamic stock market indices and found that these two groups of investments react heterogeneously to the recent political turmoil.
188 citations
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TL;DR: This paper investigated the relationship between stock market trading volume and the autocorrelations of daily stock index returns and found that stock return auto-correlations tend to decline with trading volume, and explained this phenomenon using a model in which risk-averse market makers accommodate buying or selling pressure from "liquidity" or "non-informational" traders.
Abstract: This paper investigates the relationship between stock market trading volume and the autocorrelations of daily stock index returns. The paper finds that stock return autocorrelations tend to decline with trading volume. The paper explains this phenomenon using a model in which risk-averse "market makers" accommodate buying or selling pressure from "liquidity" or "non-informational" traders. Changing expected stock returns reward market makers for playing this role. The model implies that a stock price decline on a high-volume day is more likely than a stock price decline on a low-volume day to be associated with an increase in the expected stock return.
188 citations