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: This paper examined a sample of 103 sell-side analysts' reports to document the frequency with which analysts disclose target prices as justifications for their stock recommendations and investigate whether the degree of assessed overpricing or underpricing implied by target prices is related to the favorableness of stock recommendations.
Abstract: This study examines a sample of 103 sell‐side analysts' reports to document the frequency with which analysts disclose target prices as justifications for their stock recommendations. In addition, I investigate whether the degree of assessed overpricing or underpricing implied by target prices is related to the favorableness of stock recommendations. I find that analysts use target price justifications in over two‐thirds of the sample reports, and higher target prices are associated with more favorable stock recommendations. The most favorable recommendations (and target prices) are more likely to be justified by price‐earnings ratios and expected growth while the least favorable recommendations are more likely to be justified with other qualitative statements. Further evidence suggests that analysts actually compute target prices using price‐multiple heuristics such as “PEG.” However, in reports that do not disclose target prices, estimates of target prices based on these heuristics are unable to justify...
182 citations
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TL;DR: In this paper, the authors exploit the features of trust preferred stock to examine several tax and financial reporting issues, including the extent to which firms will incur costs to manage the balance sheet classification of a security, and the magnitude of net tax benefits associated with leverage-increasing.
Abstract: This paper exploits the features of trust preferred stock to examine several tax and financial reporting issues. Trust preferred stock, first issued in 1993, was engineered to be treated as preferred stock for financial statement purposes and as debt for tax purposes (i.e., payments on trust preferred stock are deductible by the issuer).' Our analyses are intended to shed new light on three issues: (i) the extent to which firms will incur costs to manage the balance sheet classification of a security; (ii) the magnitude of net tax benefits, if any, associated with leverage-increasing
182 citations
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TL;DR: The authors show that in the absence of cross-sectional heterogeneity in firms' cash-flow risk, non-linear external habit persistence models produce a growth premium, that is, stocks with high price-to-fundamental ratios command a higher premium than stocks with low price-To-Fundamental ratios.
182 citations
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01 Aug 2000TL;DR: The approach is to cluster the stocks according to various measures and compare the results to the ”groundtruth” clustering based on the Standard and Poor 500 Index and reveal several interesting facts about the similarity measures used for stock-market data.
Abstract: In recent years, there has been a lot of interest in the database community in mining time series data. Surprisingly, little work has been done on verifying which measures are most suitable for mining of a given class of data sets. Such work is of crucial importance, since it enables us to identify similarity measures which are useful in a given context and therefore for which efficient algorithms should be further investigated. Moreover, an accurate evaluation of the performance of even existing algorithms is not possible without a good understanding of the data sets occurring in practice. In this work we attempt to fill this gap by studying similarity measures for clustering of similar stocks (which, of course, is an interesting problem on its own). Our approach is to cluster the stocks according to various measures (including several novel ones) and compare the results to the ”groundtruth” clustering based on the Standard and Poor 500 Index. Our experiments reveal several interesting facts about the similarity measures used for stock-market data.
182 citations
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TL;DR: In this article, an empirical investigation of the effect of the European Union's Emissions Trading Scheme (ETS) on German stock returns has been conducted, showing that firms that received free carbon emission allowances on average significantly outperformed firms that did not.
Abstract: This paper provides an empirical investigation of the effect of the European Union’s Emissions Trading Scheme on German stock returns. We find that, during the first few years of the scheme, firms that received free carbon emission allowances on average significantly outperformed firms that did not. This suggests the presence of a large and statistically significant “carbon premium,” which is mainly explained by the higher cash flows due to the free allocation of carbon emission allowances. A carbon risk factor can also explain part of the cross-sectional variation of stock returns as firms with high carbon emissions have higher exposure to carbon risk and exhibit higher expected returns.
181 citations