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Stock Market Performance (stock + market_performance)
Selected AbstractsThe Effect of the Size of the Military on Stock Market Performance in the United States and the UKKYKLOS INTERNATIONAL REVIEW OF SOCIAL SCIENCES, Issue 1 2008William R. DiPietro SUMMARY This paper uses regression analysis to investigate the relationship between military expenditure and stock market performance for the United States and the United Kingdom. Specifically, the study applies the Bierens-Guo unit root procedures to ascertain the time series properties of the variables in the study. The standard OLS technique is employed to determine the influence of military expenditure on stock markets for the period 1914 through 2001. The results from the unit root tests indicate that the military expenditure, military personnel, stock market, and energy consumption series are level stationary. The results from the OLS equations suggest that military expenditure has significantly positive effect on stock market performance for the United States and the United Kingdom. The implication of this finding is that high-income class and people in power are less likely to oppose increases in military spending even though such expenditures are not in the best interest of the society. [source] Why Do Firms Become Widely Held?THE JOURNAL OF FINANCE, Issue 3 2007An Analysis of the Dynamics of Corporate Ownership ABSTRACT We examine the evolution of insider ownership of IPO firms from 1970 to 2001 to understand how U.S. firms become widely held. A majority of these firms has insider ownership below 20% after 10 years. Stock market performance and liquidity play an extremely important role in ownership dynamics. Firms with stocks that are highly valued, are liquid, and have performed well experience large decreases in insider ownership and become widely held. Ownership also falls for low cash flow and high capital expenditures firms. Surprisingly, variables proxying for agency costs have limited success in explaining the evolution of insider ownership. [source] Devaluation Expectations and the Stock Market: a new measure and an application to Mexico 1994/95INTERNATIONAL JOURNAL OF FINANCE & ECONOMICS, Issue 3 2002Torbjörn Becker Abstract This paper develops a market-based measure of devaluation expectations derived from the relative stock market performance of companies with different exposures of current and future profits to exchange-rate changes. The measure can be viewed as a complement to measures of devaluation expectations based on interest-rate-parity conditions, survey data or macroeconomic models. Some of the benefits of the measure are that data are available on a timely basis and that the stock market has traditionally been free of central bank intervention. As an illustration, we examine the Mexican devaluation of 1994. Contrary to what might have been expected given the alleged peso overvaluation, high-net-exporting firms outperformed the market beginning in late 1993. This pattern is, on the other hand, consistent with forward-looking stock prices that assigned an increasing probability to a devaluation benefiting exporting firms. Copyright © 2002 John Wiley & Sons, Ltd. [source] The Effect of the Size of the Military on Stock Market Performance in the United States and the UKKYKLOS INTERNATIONAL REVIEW OF SOCIAL SCIENCES, Issue 1 2008William R. DiPietro SUMMARY This paper uses regression analysis to investigate the relationship between military expenditure and stock market performance for the United States and the United Kingdom. Specifically, the study applies the Bierens-Guo unit root procedures to ascertain the time series properties of the variables in the study. The standard OLS technique is employed to determine the influence of military expenditure on stock markets for the period 1914 through 2001. The results from the unit root tests indicate that the military expenditure, military personnel, stock market, and energy consumption series are level stationary. The results from the OLS equations suggest that military expenditure has significantly positive effect on stock market performance for the United States and the United Kingdom. The implication of this finding is that high-income class and people in power are less likely to oppose increases in military spending even though such expenditures are not in the best interest of the society. [source] Evidence on competitive advantage and superior stock market performanceMANAGERIAL AND DECISION ECONOMICS, Issue 4 2010Øystein Gjerde This article analyzes the value-relevance of industry-based and resource-based competitive advantage in a large sample of firms listed on the Oslo Stock Exchange. We measure competitive advantage by a single variable and perform a new decomposition into its underlying sources. In 1986,2005, the industry-based and the resource-based competitive advantage explain more than 20% of abnormal stock market returns, accumulated over 5 years. The resource-based advantage is almost 4 times more important than the industry-based advantage. Differences in both the return and the risk capability of firms' net assets relative to their industry peers are significant parts of the resource-based advantage, estimated at 60 and 40%, respectively. Copyright © 2009 John Wiley & Sons, Ltd. [source] | ||||||||||||||||||||||