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Accruals and Aggregate Stock Market Returns

Hirshleifer, David; Hou, Kewei; Teoh, Siew Hong - Volkswirtschaftliche Fakultät, … - 2007

Past research has shown that the level of operating accruals is a negative cross-sectional predictor of stock returns. This paper examines whether the accrual anomaly extends to the aggregate stock market. In contrast with cross-sectional findings, there is no indication that aggregate operating...

Persistent link: https://www.econbiz.de/10005836004

Anomali Overreaction di bursa efek Indonesia: Penelitian Saham LQ-45

Pasaribu, Rowland Bismark Fernando - Volkswirtschaftliche Fakultät, … - 2010

As reaction from market inefficient specified about information distribution, all market participant trying to reduce the effect with various means, among other things by perceiving historical behavior of share price. One of result namely contrarian strategy by believing that loser portfolio...

Persistent link: https://www.econbiz.de/10011110273

Koreksi Bias Koefisien Beta

Pasaribu, Rowland Bismark Fernando - Volkswirtschaftliche Fakultät, … - 2009

This study aimed to clarify the value of the bias beta stocks listed on the Indonesia Stock Exchange and make corrections to the bias value using Scholes and Williams, Dimson, and Fowler and Rorke. Results of this study indicate that the stock beta is the value of bias, besides the results...

Persistent link: https://www.econbiz.de/10011110903

Don’t Hide Your Light Under a Bushel: Innovative Originality and Stock Returns

Hirshleifer, David; hsu, po-hsuan; li, dongmei - Volkswirtschaftliche Fakultät, … - 2014

pricing controls, to an alternative IO measure, and across sample periods. Although we do not rule out risk-based explanations …

Persistent link: https://www.econbiz.de/10011111668

Superstition and financial decision making

Hirshleifer, David; Jian, Ming; Zhang, Huai - Volkswirtschaftliche Fakultät, … - 2014

In Chinese culture, certain digits are lucky and others unlucky. We test how such numerological superstition affects financial decision in the China IPO market. We find that the frequency of lucky numerical stock listing codes exceeds what would be expected by chance. Also consistent with...

Persistent link: https://www.econbiz.de/10011114296

Kinerja Pasar dan Informasi Akuntansi sebagai Pembentuk Portfolio Saham

Pasaribu, Rowland Bismark Fernando - Volkswirtschaftliche Fakultät, … - 2009

This study aimed to a stock portfolio formed with composite of companies market (PER, PBV, ROE, EPS, PSR, and B/M, VaR) and accounting performance (ROE, and EPS) also their market capitalization in Indonesia Stock Exchange period 2003-2006. Some clarification need to achieved, such as: real...

Persistent link: https://www.econbiz.de/10009651390

Pemilihan Model Asset Pricing

Pasaribu, Rowland Bismark Fernando - Volkswirtschaftliche Fakultät, … - 2010

The Capital Asset Pricing Model (CAPM) has dominated finance theory for over thirty years; it suggests that the market … the price movements in the stock exchange. The Arbitrage Pricing Theory (APT) has been proposed as the first multifactor … asset pricing model (TPFM) and the Four Factor Pricing Model (FFPM) adding the third and fourth moments to calculate …

Persistent link: https://www.econbiz.de/10009651399

Pengaruh Variabel Fundamental terhadap Harga Saham Perusahaan Go-public di Bursa Efek Indonesia periode 2003-2006

Pasaribu, Rowland Bismark Fernando - Volkswirtschaftliche Fakultät, … - 2008

This study aimed to test five fundamental factors (growth, profitability, leverage, liquidity, and efficiency) and two market ratios (earning ratio, and price earning ratio) that predicted to influence stock price in several groups of manufacturing industries listed in Jakarta Stock Exchange...

Persistent link: https://www.econbiz.de/10009651400

Koreksi Bias Koefisien Beta

Pasaribu, Rowland Bismark Fernando - Volkswirtschaftliche Fakultät, … - 2009

Persistent link: https://www.econbiz.de/10009651409

A Financing-Based Misvaluation Factor and the Cross Section of Expected Returns

Hirshleifer, David; Jiang, Danling - Volkswirtschaftliche Fakultät, … - 2007

Behavioral theories suggest that investor misperceptions and market mispricing will be correlated across firms. We use equity and debt financing to identify common misvaluation across firms. A zero-investment portfolio (UMO, Undervalued Minus Overvalued) built from repurchase and new issue firms...

Persistent link: https://www.econbiz.de/10008636467