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U.S. Investors (u.s + investor)

Distribution by Scientific Domains

Business, Economics, Finance and Accounting	100%

Selected Abstracts

Increasing Convergence Between U.S. and International Securitized Property Markets: Evidence Based on Cointegration Tests

REAL ESTATE ECONOMICS, Issue 3 2009
Nafeesa Yunus
This article examines the degree of interdependence among the securitized property markets of six major countries and the United States. Long-run results indicate that, over a period beginning January 1990 and ending August 2007, the property markets of Australia, Hong Kong, Japan, the United Kingdom and the United States are tied together, implying that from the perspective of the U.S. investor the markets of the Netherlands and France provide the greater diversification benefits. Further, the United States and Japan are found to be the sources of the common trends, suggesting that the two larger property markets lead the five (cointegrated) markets toward the long-run equilibrium relationships. [source]

Permanent and Transitory Driving Forces in the Asian-Pacific Stock Markets

FINANCIAL REVIEW, Issue 1 2002
Ali F. Darrat
This paper uses weekly data from November 1987 through May 1999 to examine whether U.S. or the Japan stock market (or both) is the main driving force behind major movements in eleven emerging Asian-Pacific stock markets. We find a robust cointegrating relation linking each of the emerging market with the two matured markets of the U.S. and Japan. The results also show that the U.S., rather than Japan, is the main permanent force driving the equilibrium relations across all Asian-Pacific markets. In contrast, the effect of the Japanese market on the Asian-Pacific region is only transitory. Therefore, strategic asset portfolios in the Asian-Pacific region should include Japanese stocks to diversify any country specific risks. As to U.S. investors, the persistent influence of the U.S. market may limit long-run diversification gains from Asian-Pacific stocks. [source]

London Business School Roundtable on Shareholder Activism in the U.K.

JOURNAL OF APPLIED CORPORATE FINANCE, Issue 2 2006
Article first published online: 16 JUN 200
Finance scholars have produced little evidence of the effectiveness of direct attempts by institutional shareholders to improve corporate performance. What studies we have,focused mainly on the activities of U.S. pension funds,show no clear effect on shareholder returns. But a new study of shareholder activism in the U.K. looks promising. The subject of the study is a "Focus Fund," launched in 1998 by the U.K. investment firm Hermes, whose aim is to identify underperforming companies, propose changes to their managements and boards, and,in contrast to the practices of the best-known U.S. shareholder activists,work mainly "behind the scenes" with the companies to bring about those changes. In keeping with the more private nature of U.K. activism, which reflects in part the fewer restrictions on communication between companies and their investors than in the U S., the study's method of investigation is also notably different from the methods used in studies of U.S. investors. Four academics were allowed to examine Hermes' records of its "engagements" with companies, including letters, recordings and transcripts of telephone conversations, and the staff's personal notes and recollections. Using this information, the researchers show that the Fund has been remarkably successful in bringing about three kinds of proposed changes: replacements of CEOs and Chairmen; changes in investment and financial policies (mainly increased payouts and more disciplined capital spending); and restructurings (typically leading to greater corporate focus). Of equal importance, the study also shows that the market reaction to the announcement of such changes has been significantly positive, and that the cumulative effect of these positive reactions accounts for as much as 90% of the Fund's impressive "alpha," or market out-performance, over its eight-year life. The first public presentation of these findings took place on February 9 at the inaugural event of the London Business School's Center for the Study of Corporate Governance. In our account of the event, an overview of the study's findings by two of its authors is followed by an "insider's" view of the Hermes' success story (presented by the Chief Executive of the Fund from 2002,2004) and a panel discussion of the general import of the findings featuring four distinguished practitioners. [source]

Time to leave foreign stock markets?

JOURNAL OF CORPORATE ACCOUNTING & FINANCE, Issue 6 2008
Damir Tokic
International stock markets have significantly outperformed the U.S. stock market from 2005 to 2008. But will this continue? The authors argue that international markets will hit their peak sometime this year,if they haven't already done so. The reason is that they will be dragged down by the anticipated U.S. recession. And what should U.S. investors do? The authors have some prudent recommendations. © 2008 Wiley Periodicals, Inc. [source]