The underpricing phenomenon of Initial Public Offerings IPOs has been widely studied across different stock markets around the world and has often been explained to be a result of asymmetrically distributed information and ex-ante uncertainty. This paper adds some further alternative explanations to traditional theories while focusing on the importance...
This paper examines how investor sentiment affects the cross-section of stock returns. Theory predicts that a broad wave of sentiment will disproportionately affect stocks whose valuations are highly subjective and are difficult to arbitrage. The paper tests this prediction by studying how the cross-section of subsequent stock returns varies with...
The authors have developed a model of the IPO Initial public offering process that ties three IPO 'Anomalies' - underpricing, hot markets and long-run underperformance - to demand from an evolving class of exuberant investors. While long-run underperformance is often attributed to a decline in investor sentiment, the more novel...
This paper finds evidence that is consistent with the hypothesis that daily mutual fund flows may be instruments for investor sentiment about the stock market. It uses this finding to construct a new index of investor sentiment, and validate this index using data from both the United States and Japan....
John Q. Public should not have to pay for the mistakes of poorly managed financial institutions. That sentiment was echoed by every member of a four-person panel that addressed an overflow crowd Monday at the Hinckley Institute of Politics on the University of Utah campus. ...
Stock markets Shares slipped as investors worried about the fate and effectiveness of a US plan to rescue banks from debt. The Nikkei 225 index shed 108.50 points, or 0.9 per cent, to 12,006.53. The broader Topix index lost 1.2 per cent to 1,153.95. Faltering market...
LONDON AFP — Global equities mostly rose Wednesday, as a vote of confidence in Wall Street from US tycoon Warren Buffett helped offset uncertainty surrounding a US financial rescue plan worth 700 billion dollars. Buffett's Berkshire Hathaway said it was investing five billion dollars (3.4 billion euros) in...
HONG KONG, Sept 24, 2008 AFP — Asian stock markets were mostly higher Wednesday, as a vote of confidence in Wall Street from Warren Buffett helped offset concern about the 700-billion-dollar US financial rescue plan. But dealers said many investors were still jittery over the fate of the...
HONG KONG AFP — Asian stock markets were mixed Wednesday, reflecting deep uncertainty after new doubts emerged about the massive US bank bailout -- including reports that key banks were facing a fraud investigation. Even Warren Buffett's five billion dollar investment in the new-look Goldman Sachs was not...
LONDON AFP — European stock markets fell slightly at the start of trading on Tuesday, with London's FTSE 100 index of leading shares down 0.08 percent at 5,232.09 points. Frankfurt's DAX 30 lost 0.26 percent to 6,091.85 points and in Paris the CAC 40 shed 0.62 percent to...
OAKLAND, Calif. -- In acknowledgement of the recent turmoil on Wall Street following the government bailout of AIG, Fannie Mae and Freddie Mac, the forced sale of Merrill Lynch to Bank of America and the bankruptcy filing by Lehman Brothers Holdings Inc., Siebert Brandford Shank & Co., a municipal bonds...
LONDON AFP — A rally on global stock markets fizzled out tamely Thursday as nervous investors took quick profits on gains made after unprecedented joint central bank action to ease the global credit crunch. Dealers said that after massive losses so far this week, news of central bank...
WORLD MARKETS Stocks fell as renewed credit market concerns rattled investor sentiment in very light trading. The Nikkei index slipped 0.78 per cent to 12,778.71, while the broader Topix index retreated 0.79 per cent to 1,229.4. Trading was extremely lethargic, with the value of shares on...
Conflict between nations often puts a dent in investor sentiment. This was in evidence recently when the Russian market reacted very negatively to the conflict in South Ossetia. But the Russian market was weighed down by other factors before the conflict. Chief among these were a fall...
WORLD MARKETS The Nikkei fell after an over-night drop on Wall Street, as renewed concerns about the US financial sector rattled investor sentiment. The Nikkei sank 300.4, or 2.3 per cent, to 12,865.1. Stocks were down across the board, with major exporters taking a heavy beating....
BERLIN AFP — German investors do not expect a recession in Europe's biggest economy, a key indicator suggested Tuesday, as cheaper oil and a weakening euro ease some of the pressure on firms and consumers. The ZEW research institute said its index of economic sentiment stood at minus...
NEW YORK AFP — The dollar slipped back Monday as investors took profits after recent gains while the euro found only modest support from a market anticipating more weakness in the European economy. Dealers said trade was relatively quiet, with the exchanges between Washington and Moscow over the...
HFN Releases Q2 2008 Hedge Fund Asset Flows & Performance Report NEW YORK -- HedgeFund.net today released the Q2 2008 Hedge Fund Asset Flows & Performance Report. The report estimates total hedge fund assets increased 4.41% in Q2 2008 to $2.973 trillion. The HFN report is...
LONDON AFP — Europe's main stock markets slid on Monday when investor sentiment was sapped by news of a 29-percent slump in first-half profits by global banking giant HSBC, analysts said. Nearing midday trade in London, the FTSE 100 index of top companies stood at 5,352.80 points, a...
PRIVATE INVESTOR Who's going to do well out of the credit crunch? According to all the consumer sentiment surveys and some of the company results in the leisure sector, it's easy to see who's going to do badly. We're not going to the restaurant and the...
Articles 2008-08-02
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