1980‚ Quarterly dividend and earnings announcements and stockholders ’ returns: An empirical analysis‚ Journal of Finance 35‚ 1-12. Ariel‚ Robert A.‚ 1987‚ A monthly effect in stock returns‚ Journal of Financial Economics 18‚ 161-174. ‚ 1990‚ High stock returns before holidays: Existence and evidence on possible causes‚ Journal of Finance 45‚ 1611-1626. Asquith‚ Paul‚ 1983‚ Merger bids‚ uncertainty and stock holder returns‚ Journal of Financial Economics 11‚ 51-83. and David W. Mullins‚ 1983‚ The
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Chaowei Jiang ID: 211676326 Word count: 1890 Executive Summary This report aims to investigate whether Australia has the short-run IPO underpricing phenomenon in its stock market‚ followed with a research of the initial returns and the 2-year holding period returns of 52 Australian firms as well as relevant reasons why Facebook’s IPO experienced a failure. Numerous sources of data and information have been utilized. Nowadays‚ the underpricing phenomenon is very common in the American stock
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due entirely to luck rather than skill (and is thus not repeatable). As Gruber [1996] notes‚ the behavior of investors is just as puzzling. Why do investors continue to invest with active managers in the face of this evidence? Yet investors chase returns; a good year induces an inflow of capital‚ and a bad year induces an outflow of capital. The flow of capital into and out of actively managed mutual funds is
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total returns were higher than the returns on S&P 500 and the Treasury bonds‚ and then it became more diversified with more futures contracts introduced after 1980. Besides‚ another attractive feature of the GSCI was its ability to act as a hedge against inflation because it had a strong positive correlation with the two most widely used measures of inflation: CPI and PPI. In addition‚ the investment on the GSCI had the potential to decrease the risk of a portfolio because its returns were negatively
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2012 Market Value of the Firm‚ Market Value of Equity‚ Return Rate on Capital and the Optimal Capital Structure Chao Chiung Ting Michigan State University‚ USA E-mail: tingtch7ti@aol.com Received: September 4‚ 2012 doi:10.5430/ijfr.v3n4p1 Abstract The firm should pursue both maximum return rate on capital and maximum return rate on equity simultaneously. Maximum return rate on capital is the primary goal for firms because maximum return rate on capital guarantees efficiency. Therefore‚ maximum
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TERHADAP ABNORMAL RETURN SAHAM PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA THE INFLUENCE OF THE INFORMATION OF CASH FLOW‚ EARNINGS AND SIZE OF FIRM ON ABNORMAL STOCK RETURN AT MANUFACTURING COMPANY LISTED IN I NDONESIA STOCK EXCHANGE Nurhidayah Djam’an*‚ Gagaring Pagalung‚ Tawakkal Email *): nurhidayah_jaman@yahoo.com ABSTRACT The aims of the research are to find out (1) the influence of cash flow from operational activities on abnormal stock return‚ (2) the influence
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effectiveness of the organization. As a result of its failing return policy‚ Johnson Toy Company is challenged with major revenue losses and is considering measures to correctly deal with the problem. Purpose of Paper The purpose of this paper is to propose a new policy that Johnson Toy Company can adapt to handle product returns. The paper will highlight detailed instructions for its distribution and accounting departments to handle returns. Additionally‚ the paper will recommend a short-term policy
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portfolio return: 1. Time-weighted returns 2. Dollar-weighted returns § Returns must be adjusted for risk. AFF5300 Case Studies in Finance 4 Dollar- and Time-Weighted Returns Time-weighted returns § The geometric average is a time-weighted average. § Each period’s return has equal weight. (1 + rG ) = (1 + r1 )(1 + r2 )...(1 + rn ) AFF5300 Case Studies in Finance 5 n Dollar- and Time-Weighted Returns Dollar-weighted returns § Internal rate of return considering
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Finance Arguments 40 Summary and Conclusion 42 5.1 Recommendations 43 References 44 Appendices 49 Table 1 : Summary Statistics 21 Table 2(a): Excess Returns on the six portfolios (Full Sample) 24 Table 2(b): Excess Returns on the six portfolios (Bear Market) 25 Table 2(c): Excess Returns on the six portfolios (Bull Market) 26 Table 3 : Regression on the six portfolios (Full Sample) 27 Table 4 : Regression on the six portfolios (Bull Market) 34
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Calculate the expected return for A Industries which has a beta of 1.75 when the risk free rate is 0.03 and you expect the market return to be 0.11. 2 Calculate the expected return for B Services which has a beta of 0.83 when the risk free rate is 0.05 and you expect the market return to be 0.12. 3 Calculate the expected return for C Inc. which has a beta of 0.8 when the risk free rate is 0.04 and you expect the market return to be 0.12. 4 Calculate the expected return for D Industries which
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