The underpricing phenomenon on financial markets has long been the research subject in many financial areas - from neoclassical to behavioral finance. Once confirmed as a persistent pattern, it has begun an ongoing discussion as to its possible causes. Our study examined the phenomenon of IPO...

The primary objective of the study is to examine the impact of political news (good and bad news) on the returns and volatility of Borsa Istanbul 100 Index (BIST-100). Sample data cover the period from January 2008 to December 2017. The main sample was divided into two subperiods to insulate the...

This paper tests the performance of the Capital Asset Pricing Model (CAPM) and the Fama-French three-factor and Carhart four-factor models on the Polish market. We use stock level data from April 2001 to January 2014 and find strong evidence for value and momentum effects, but only weak evidence...

This study investigates stock recommendations from the three largest finance subreddits on Reddit: wallstreetbets, investing and stocks. A simple strategy that buys recommended stocks weighted by the number of posts per day yields a portfolio with higher average returns at the expense of higher...

The spread of Coronavirus Disease 2019 significantly influenced the global economy. Companies from the health care industry could emerge as potential winners in health crises, and their listed stocks could potentially outperform. For the first time in the English and German language literatures,...

In this article, we assess whether German private investors gamble in the stock market. Other studies that have analyzed private investors' preferences with regard to lottery-like characteristics have used retail or discount brokerage data. They have shown that stock trading has common...

Research Question - Can the F-Score predict the stock market returns in the cross section of international stock markets? Motivation - The majority of the literature, in the area of the F-Score metric, has examined whether it can be used to predict future financial profitability, the...

We investigate the returns from investing according to corporate social responsibility (CSR) criteria using factor model estimations for a large sample of U.S. firms over the period 2003–2017. To identify the CSR intensity that allows investors to optimize their portfolio returns for a given...

In this paper, we analyze how tail risk impacts both asset prices and the optimal asset allocation. For this purpose, we consider an equilibrium model with investors exhibiting an empirically well-justifiable decreasing relative risk aversion (DRRA) and different investment horizons. In contrast...

Substantial amounts of British capital flowed to Latin America during the latter part of the nineteenth and early twentieth centuries. Companies financed by this capital were typically headquartered in the UK, but operated thousands of miles away. This paper asks how this separation between...