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Bottom-Up Simulation of a Stock MarketUsing a Thousand Fuzzy Agents
Nissen, Volker; Saft, Danilo - Institut für Wirtschaftsinformatik <Ilmenau> - 2009
In this research the focus is on emergent behaviour in large groups of stockmarket participants. In contrast to established views of the capital market, we do notassume that market participants make rational investment decisions based on fullinformation about important macroeconomic figures such...
Persistent link: https://www.econbiz.de/10008660301
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Retail Investor Sentiment and Behavior– an Empirical Analysis
Burghardt, Matthias - Institut für Informationswirtschaft und -management … - 2010
This citation by Robert Neal and Simon Wheatley from their 1998 article about investorsentiment offers several insights and paves the way for this first chapter by making thefollowing statements: First, the opinion of individual investors on the market isimportant. Second, they are often wrong....
Persistent link: https://www.econbiz.de/10009262195
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The Impact of Investor Sentiment on the German Stock Market
Finter, Philipp; Ruenzi, Stefan - Centre for Financial Research <Köln> - 2010
This paper investigates whether investor sentiment can explain stock returns on theGerman stock market. Based on a principal component analysis, we construct a senti-ment indicator that condenses information of several well-known sentiment proxies. Weshow that this indicator explains the return...
Persistent link: https://www.econbiz.de/10009302647
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Managers’ private information, investor underreaction and long-run SEO underperformance
Bilinski, Pawel; Strong, Norman - Manchester Business School - 2009
Applying the framework of conditional event studies shows that equity issues reveal managers‟private information about stock mispricing, which investors only partially discount into stockprices at the seasoned equity offering (SEO) announcement date. Negative abnormal returnsoccur as prices...
Persistent link: https://www.econbiz.de/10005870708
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Semiparametric Modelling of the Cross-Section of Expected Returns in the German Stock Market
Bunke, Olaf; Sommerfeld, Volker; Stehle, Richard - Universität <Berlin, Humboldt-Universität> / … - 1999
Persistent link: https://www.econbiz.de/10005851989
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Trading Costs of Public Investors with Obligatory and Voluntary Market-Making: Evidence from Market Reforms
Naik, Narayan Y.; Yadav, Pradeep K. - 2004
Die London Stock Exchange hat im Jahr 1997 dem Publikum die Möglichkeit eingeräumt, durch die Abgabe von limitierten Ordern bei bestimmten Aktien direkt mit den Händlern zu konkurrieren. Anders als bei der NASDAQ, wurde in London für diese Aktien auch die Verpflichtung für die Händler...
Persistent link: https://www.econbiz.de/10005854264
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Executive compensation and the susceptibilityof firms to hostile takeovers - An empirical investigation of the U.S. oil industry
Haid, Michael H.; Nowak, Eric - 1999
takeover imposed by the market for corporate control. We complement other empirical studies on managerial compensation and … consists of 51 firms in the U.S. oil industry from 1977 to 1994. Third, we employ ex ante measures of the threat of takeover at … the individual firm level which are superior to ex post measures like actual takeover occurrence or past incidence of …
Persistent link: https://www.econbiz.de/10005840368
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The Optimal Strategy of the Initial Bidder in Takeorver Contests : Theory and Empirical Evidence
Cornu, Philippe; Isakov, Dušan - Université <Genève> / Section des Hautes Etudes … - 2000
This paper investigates the optimal bidding strategy for the initial bidder in takeover contests. In the theoretical …
Persistent link: https://www.econbiz.de/10005843528
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Agent Takeover Risk of Principal in Outsourcing Relationships
Bhimani, Al; Hausken, Kjell; Ncube, Mthuli - Universitetet <Stavanger> / School of Business …
takeover risk to the outsourcer.Knowledge translates into cash flows interpreted as asset values modelled as geometricBrownian …
Persistent link: https://www.econbiz.de/10009305238
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Financing and Takeovers
Morellec, Erwan; Zhdanov, Alexei - Institut für Schweizerisches Bankwesen <Zürich> - 2006
This paper analyzes the interaction between financial leverage and takeover activity. We develop a dynamic model of …, and takeover terms, in which the bidder with the lowest leverage wins the takeover contest. Based on the resulting … bidder is below the industry average and that acquirers should lever up after the takeover consummation. The model also …
Persistent link: https://www.econbiz.de/10005858240