Purpose: Previous research has found that industry concentration and firm efficiency affect stock returns. However, it is not clear if concentration is a byproduct of efficiency and hence its effect on stock returns is driven by efficiency. This paper aims to examine the relationships between...

Regulation Fair Disclosure (Reg FD) altered the voluntary disclosure practices of firms with publicly traded securities, thereby affecting relationships between value and growth stock expectations and actual earnings. The results show that earnings forecasts for both stock groups are biased but...

Purpose: This paper aims to investigate a relatively new anomaly of investment growth and revisits well-known anomalies of size and value. It aims to answer two main research questions. First, can covariance risks (i.e. factor loadings) be excluded from being determining variables that drive...

This study investigates cointegration, policy coordination and the risk premium in foreign exchange markets for major EU currencies since the inception of the EMU in January 1999. The results show that only the krone and the pound are cointegrated with the euro. Tests of inflation convergence...

We examine the opening of Exchange Traded Fund (ETF) markets in a multimarket trading environment. We find that the opening trades on the American Stock Exchange (AMEX) are the most costly. This result is consistent with the market power hypothesis which suggests that the specialists use their...