Within the context of initial public offerings (IPOs) the value of firms at the point of flotation appears to be positively and significantly related to the amount of equity retained by the original owners. But certain theoretical arguments and some limited empirical evidence suggest that the...

"This paper investigates a neglected topic in corporate governance research; namely, do governance characteristics affect the market reaction to news? The topic is important given the emphasis by governance regulations and codes of best practice on the need for greater transparency of corporate...

This paper uses investor-level data to examine jointly the tendency of investors to succumb to the disposition effect and the house money effect; two behavioral biases premised on seemingly contradictory responses to prior gains/losses. We document three novel findings. First, the two effects...

Investors have been shown to have particular preferences when it comes to the characteristics of stock they hold in their portfolios, while prior gains and losses have been shown to impact on individuals’ economic decisions, both in an investment context and more widely. This paper is the...

The shift from defined benefit (DB) to defined contribution (DC) private pension arrangements coupled with the widespread reluctance to annuitize retirement savings is causing growing economic concern in developed countries. This study considers the impact of the salient decision point made...

The lack of understanding of pensions amongst a large proportion of the UK adult population, combined with low levels of financial literacy generally, have been identified as significant barriers to saving for retirement. This article draws on the findings of the International Institute of...