Purpose: This study aims to examine the behavior of cash raised through market timing efforts and the success of such efforts in creating value to shareholders. Design/methodology/approach: It is shown that in two quarters, subsequent to raising equity, cash balance of market timers is higher...

Purpose: This paper aims to study whether the industry indexes predict the evolution of the broad stock market in the USA. Design/methodology/approach: The study uses industry indexes to predict the equity premium in the USA. It considers several types of predictive models: constant...

Purpose: This paper aims to test the extent to which downward bias due to a floating-point exception in probability of informed trading (PIN) estimates obtained using the Easley, Hvidkjaer and O’Hara (EHO; 2002) method is remedied using the Yan and Zhang (YZ; 2012) method. The paper also aims...

Purpose: Whereas much of previous literature focuses upon the impact on yields from the Federal Reserve’s large-scale asset purchases (LSAPs), the purpose of this paper is to study the changes to expected returns. Design/methodology/approach: This empirical investigation offers support for...

Purpose: This paper aims to examine the interaction between fair-value accounting, asset sales and banks’ lending in booms and busts. Throughout, the author uses “fair value” and “mark-to-market” interchangeably, to denote an accounting regime where changes in the prices of banks’...

Purpose: This paper aims to examine performance of firms with a negative second-day return after the Initial Public Offering (IPO) relative to stocks with a positive second-day return after the IPO. Loughran and Ritter (1995) document that firms which have done an IPO or an SEO underperform...

Purpose: This study aims to assess the impact of location on capitalization rates and risk premia. Design/methodology/approach: Using a transaction-based data series for the five largest office markets in Germany from 2005 to 2015, regression analysis is performed to account for a large set of...

Purpose The paper aims to investigate the impact of financial liabilities on households’ holdings of financial assets. The debt-to-income ratio of the household sector increased from 75 per cent in 2000 to 99 per cent in 2010 in the euro area on average, and the rapid accumulation of household...

Purpose The purpose of this paper is to investigate the relationship between single-state municipal bond fund risk and water scarcity in the USA. Design/methodology/approach The authors compare the risk profiles of funds from states with limited water resources with those from states without...

Purpose The purpose of this paper is to investigate the role of joint liability in improving the repayment performance of a microfinance program. Design/methodology/approach This is a systematic review of the theoretical and empirical literature. Findings The theoretical literature has shown,...