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, a statistically and economically significant tendency for stock prices to accelerate toward the upper bound and weak evidence of acceleration toward the lower bound as the price approaches the bounds was found.
165 citations
TL;DR: In this paper, the authors predict that enhanced voluntary disclosure reduces stock price comovement and provide evidence in support of this prediction using analyst evaluation of firm disclosure policy, and the evidence supports the effectiveness of the disclosure policy in increasing the amount of firm-specific information contained in stock returns.
Abstract: According to theory, comovement in stock prices reflects comovement in the fundamental factors underlying the values of stocks. Recent theory contends that stock price comovement can be driven by information markets or the informational opacity of the firm. To the extent that voluntary disclosure reduces information acquisition cost and enhances firm transparency, we predict that enhanced voluntary disclosure reduces stock price comovement. We provide evidence in support of this prediction using analyst evaluation of firm disclosure policy. Overall, our evidence supports the effectiveness of firm disclosure policy in increasing the amount of firm-specific information contained in stock returns.
165 citations
TL;DR: In this article, the authors investigated the dynamic relationship among international oil prices, international gold prices, exchange rate and stock market index in Mexico and found that international gold price positively affect the stock price of Mexico while oil price affects them negatively.
165 citations
TL;DR: In this article, the authors examined the relationship between the stock ownership of a chief executive and the overall stock yield of the company and found that until the CEO becomes entrenched, increased stock ownership reduces agency costs and decreases the stock yield.
Abstract: In this study we examine dividends and chief executive officer (CEO) stock ownership as interrelated mechanisms that may be used to reduce agency costs. We find a significant nonmonotonic relation between dividend yield and CEO stock ownership. Our evidence shows that until the CEO becomes entrenched, increased executive stock ownership reduces agency costs and decreases dividend yield. Beyond that point, increased stock ownership increases dividend yield. Whether additional stock ownership can reduce agency costs depends upon the CEO's degree of control in the firm.
165 citations
Book•
18 Jan 2016
TL;DR: In this paper, the forecasting power of the breadth of ownership of Portuguese mutual funds on stock returns was analyzed using a model with differences of opinion and short-sales constraints similar to that of Chen et al.
Abstract: This book focuses on the forecasting power of breadth of ownership of Portuguese mutual funds on stock returns. Majority of studies tend to focus on the markets of China and the United States. We utilize a model with differences of opinion and short-sales constraints similar to that of Chen et al. (2002). Using data on mutual fund holdings we find that stocks with the largest negative changes in breadth tend to significantly underperform stocks with the largest positive changes in breadth in short horizons of one month and one quarter. However, the results are mixed when looking at longer horizons. We also find evidence to show that short-sales constraints matter for stock returns. Therefore, when short sales constraints are binding stocks prices are high when compared to fundamentals. This proves that our results are consistent with the Miller (1977) model. Further, we show that are results hold during periods of a financial crisis as well. This study also highlights that there are limits to arbitrage, as suggested by Shleifer and Vishny (1997), because of market frictions such as short-sales constraints which can lead to abnormal returns in constraint stocks.
165 citations