announcements surprises and expected returns

... has emerged from surprises, from unexpected results And, out of these unexpected results, new questions and unresolved problems have been posed for future empirical research and theoretical reconstruction ... also the way these experiences and interests are transformed into identities and beliefs 12.5 Class and other forms of oppression: class and gender Traditional understanding While there has always ... expertise and autonomy This implies a broad decline of the working class and purely supervisory employees, an increase of the ``relative surplus population,'' and an expansion of experts and proper...

Ngày tải lên: 01/11/2013, 07:20

... 3 Nguyen and Swanson argue that the difference in performance is generated by a premium associated with investing in highly inefficient firms (much like Fama and French's value premium ... tend to increase This coincides with Fama and French (1995) argument that the worst firms are forced to improve in order to survive in the market Nguyen and Swanson further document that firm efficiency ... the information that is present in Book-to-market ratio (Fama and French's main ratio) The paper provides the following implications and opportunity for further expansion: With respect to Asset...

Ngày tải lên: 24/01/2014, 00:20

... futures rate on the 15th and the opening rate on the 16th Table lists the 42 target rate changes contained in the sample, and their futures-based decomposition into expected and unexpected components.8 ... reserve supply or ˜ demand Suppose that on date τ , 1, futures market participants expected the Fed to change the Fed funds target rate on date τ, and that no further changes were expected within the ... which is omitted from the analysis, and the 50 basis point rate cut on December 19 1990, which is assigned to the 18th instead The Table 2: Actual, expected and unexpected changes in the Fed funds...

Ngày tải lên: 06/03/2014, 02:21

... the brand, (2) re-purchase the same brand, (3) recommend the brand, (4) use other products by the same brand, (5) overrule a salesperson pushing another brand, (6) will only buy the brand, and/ or ... protecting the land and water that rare species need to survive—by adding up the value of all charitable donations received and land acreage acquired These indicators, known as “bucks and acres,” ... Helpful Housing to be 40 years old and calculates employment-related returns to age 55 and health-related returns to age 65 It is assumed that the real growth rate is 3% and the discount rate is 5%...

Ngày tải lên: 15/03/2014, 21:20

Ngày tải lên: 23/03/2014, 05:23

... several participants, and dominance and other indicators are quantified using pair-wise measurements and rating the final estimations However, the automatic estimation of dominance and the relevant ... manual annotation, and automatic feature extraction and classification Finally, Section concludes the paper Dominance and Interest Indicators In order to predict dominant people and the level of ... e}, and V GM and V MM are the global and mouth movement vectors, respectively This measure corresponds to the global movement of each person only taking into account when he is speaking, and...

Ngày tải lên: 21/06/2014, 16:20

... the notation for a random variable or a random vector; and lower case letters (e.g u i and u) are used as the notation for a specific value of the random variable or the random vector In this ... sometimes use lower case letters (e.g and a) for a random variable or a random vector, and sometimes for a specific value of the random variable or the random vector The interpretation should ... r2 ] and (l3 , ∞], with r1 = l2 and r2 = l3 and with 316 I.R Korsgaard et al associated random effects u21 , u22 and u23 Animal is born in period (spent t11 units of time in this period) and...

Ngày tải lên: 14/08/2014, 13:21

Ngày tải lên: 18/05/2015, 03:42

... Accounting quality and expected stock returns How information risk affects expected stock returns has received significant attention from both theoretical and empirical research (e.g., Easley and O’Hara, ... association between accounting quality and expected stock returns 39 References: Armstrong, C., S Banerjee, and C Corona 2013 Factor-loading uncertainty and expected returns Review of Financial Studies ... quality and expected stock returns because prior literature predominantly assumes certain factor loadings and considers only the level of loadings to play a role in determining expected stock returns...

Ngày tải lên: 09/09/2015, 11:06

Ngày tải lên: 30/09/2015, 15:34

... event and its effect on a firm’s earnings and returns The frequency and dollar value of asset writedowns made the FASB and the Securities and Exchange Commission (SEC) consider a new standard ... 1996, and Strong and Meyer 1987) 34 Conclusions related to earnings and abnormal returns behavior before asset writedowns are mixed Some studies, such as, Fried et al (1989) and Burton and Miller ... market-adjusted returns on “unexpected earnings before writedowns” and “asset writedowns.” They found that the “unexpected earnings before writedowns” were more important than were the “unexpected earnings...

Ngày tải lên: 30/09/2015, 16:34

... on REIT returns, and others examine property stock returns Liu and Mei (1992), using a multifactor latent-variable model, examine the time variation in both unexpected and expected REIT returns ... Market and Real Estate Market 1984 1986 Ibbotson and Siegel Hartzell 1990 1990 Geltner Liu et al 1990 1997 Miles, Cole and Guikey Worzala and Vandell Fu Cheung, Tsang and Mak Eichholtz and Hartzell ... the variation in both REIT returns and small capitalization stock returns To investigate the time-varying risk premiums in stocks, bonds and REITS returns, Karolyi and Sanders (1998) employ a multi-beta...

Ngày tải lên: 10/11/2015, 11:29

... Aa2, and Aa3; it divides A into A1, A2, and A3; and so on Similarly S&P divides its AA category into AA+, AA, and AA–; it divides its A category into A+, A, and A–; etc Only the Moody's Aaa and ... impact of rating announcements to the firm’s net intangible assets Pinches and Singleton (1978) and Holthausen and Leftwich (1986) find that equity returns anticipate both upgrades and downgrades ... for upgrades and positive review announcements This asymmetry in the bond market’s reaction to positive and negative announcements was also documented by Wansley et al (1992) and Hite and Warga...

Ngày tải lên: 16/02/2014, 03:20

... pushing up the prices of those foreign assets Because expected returns to international asset investments depend on both expected asset returns and expected exchange rate changes, exchange rates would ... policy announcements by the Bank of England – rates fell with positive surprises and rose with negative surprises Correspondingly, the pound depreciated relatively more against the yen, euro, and ... mature These announcements are similar to those used by Wright (2010) and Krishnamurthy and Vissing-Jorgenson (2011).3 To determine news announcements of asset purchases by the Bank of England, we...

Ngày tải lên: 17/02/2014, 03:20

... Lombra and Torto, 1977; Thornton, 1986 and 1994; Cook and Hahn, 1988 and 1989; and Radecki and Reinhart, 1994), the Bank of England (Dale, 1993), the Bank of Canada (Paquet and Pérez, 1995), and ... the United States and followed by Smirlock and Yawitz (1985) and subsequently others, is to categorize the changes as either “policy” and therefore unanticipated, or “technical” and anticipated, ... exchange rate bands (see Edin and Vredin, 1993; and also Bertola and Svensson, 1993) In the case of German official rates the task is simplified by the fact that changes in the Lombard and discount...

Ngày tải lên: 06/03/2014, 02:21

Ngày tải lên: 06/03/2014, 08:20

... policy announcements and publication of U.S trade data Other studies find the persistence of news effects to be more fleeting, consistent with Ederington and Lee (1993) This includes Andersen and Bollerslev ... the MPC and the UK monetary policy process, see Bean (2001) and www.bankofengland.co.uk/monetarypolicy/ framework.htm These are published at www.bankofengland.co.uk Vol No Bank of England Interest ... higher than expected, and I(Δi < 0) is an indicator function that takes the value of one on Unexpected Change days between 12:05 and 13:00 if the announced interest rate is lower than expected. 12...

Ngày tải lên: 06/03/2014, 14:20

... pay interest on penalties and on additional tax for failing to file returns, for overstating valuations, for understating valuations on estate and gift tax returns, and for substantially understating ... disaster The IRS may also postpone deadlines for filing income and employment tax returns, paying income and employment taxes, and making contributions to a traditional IRA or Roth IRA For more ... on the form Relief from joint and several liability on a joint return Generally, joint and several liability applies to all joint returns This means that both you and your spouse (or former spouse)...

Ngày tải lên: 06/03/2014, 19:20

Ngày tải lên: 07/03/2014, 02:20

Ngày tải lên: 16/03/2014, 03:20