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  • 1
    Electronic Resource
    Electronic Resource
    Investor Sentiment and the Closed-end Fund Puzzle: Out-of-sample Evidence (2004)
    Oxford, UK; Malden, USA : Blackwell Publishing Ltd/Inc.
    European financial management 10 (2004), S. 0 
    Details
    ISSN: 1468-036X
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: In this paper we examine the proposition that small investor sentiment, measured by the change in the discount/premium on closed-end funds, is an important factor in stock returns. We conduct an out-of-sample test of the investor sentiment hypothesis in a market environment that is more likely to be prone to investor sentiment than the USA. We fail to provide supporting evidence for the claim of Lee et al. (1991) that investor sentiment affects the risk of common stocks. Consistent with Elton et al. (1998), who show that investor sentiment does not enter the return generating process, our tests do not detect investor sentiment in a capital market that is more susceptible to small investor sentiment. Our results provide additional support against the claim that investor sentiment represents an independent and systematic asset pricing risk.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1354-7798.2004.00249.x
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  • 2
    Electronic Resource
    Electronic Resource
    The Operational Hedging Properties of Intangible Assets: the Case of Non–voluntary Foreign Asset Selloffs (2002)
    Oxford, UK and Boston, USA : Blackwell Publishers Ltd
    Journal of international financial management & accounting 13 (2002), S. 0 
    Details
    ISSN: 1467-646X
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: In this paper we examine the valuation effects and long–term performance of US multinational firms involved in forced transfers of their foreign operating assets during the 1965–88 period. The evidence suggests that the operational hedging ability of the firm to address country risk (nationalization threats) is related to the level of its intangible assets. While it is well known that firms with high levels of intangible assets prefer foreign direct investment, our results show that intangible assets have hidden properties of protection against country risk as well. We document significantly negative abnormal returns only for divesting firms with low levels of intangible assets, but not for firms with high levels of intangible assets. In addition, we show that low (high) growth firms are involved in partial (complete) withdrawals, and show that the long–term economic performance of firms choosing the complete withdrawal strategy is better than those that opt to remain. We argue that management’s attempt to maintain economic links in a hostile foreign environment can be attributed in part to the firm’s low growth opportunities, performance, and lack of contingent plans to address country risk.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/1467-646X.00084
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  • 3
    Electronic Resource
    Electronic Resource
    Diversification, Ownership and Control of Swedish Corporations (2002)
    Oxford, UK and Boston, USA : Blackwell Publishers Ltd
    European financial management 8 (2002), S. 0 
    Details
    ISSN: 1468-036X
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: We study the short- and long-term valuation effects of Swedish takeovers. Using a sample of 93 bidding firms that acquired 101 targets between 1980 and 1995, we find that diversifying acquisitions lead to a negative market reaction and deterioration of the operating performance of the bidder. Announcement and performance gains in each of the three years following the acquisition occur only when bidders expand their core rather than their peripheral lines of business. Our findings suggest that focused acquisitions lead to greater synergies and operating efficiencies than diversifying acquisitions. Intra-group acquisitions, however, show that bidders do not realise significant gains whether they adopt diversifying or focusing investment strategies by purchasing firms controlled by the Wallenberg and SHB conglomerate groups. Intra-group targets realize significant gains regardless bidder’s investment strategy. Finally, the evidence does not support the view that intra-conglomerate acquisitions are associated with expropriation of minority shareholders. However, they appear to enhance the control rights of large shareholders of the bidding firm.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/1468-036X.00190
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  • 4
    Electronic Resource
    Electronic Resource
    European Momentum Strategies, Information Diffusion, and Investor Conservatism (2005)
    Oxford, UK; Malden, USA : Blackwell Publishing Ltd/Inc.
    European financial management 11 (2005), S. 0 
    Details
    ISSN: 1468-036X
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: In this paper we conduct an out-of-sample test of two behavioural theories that have been proposed to explain momentum in stock returns. We test the gradual-information-diffusion model of Hong and Stein (1999) and the investor conservatism bias model of Barberis et al. (1998) in a sample of 13 European stock markets during the period 1988 to 2001. These two models predict that momentum comes from the (i) gradual dissemination of firm-specific information and (ii) investors’ failure to update their beliefs sufficiently when they observe new public information. The findings of this study are consistent with the predictions of the behavioural models of Hong and Stein's (1999) and Barberis et al. (1998). The evidence shows that momentum is the result of the gradual diffusion of private information and investors’ psychological conservatism reflected on the systematic errors they make in forming earnings expectations by not updating them adequately relative to their prior beliefs and by undervaluing the statistical weight of new information.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1354-7798.2005.00286.x
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