Financial Management articles from September 2005

Financial Management archives from September 2005

Privatization through an overseas listing: evidence from China's H-Share firms.
September 22, 2005... We study the partial privatization of 53 Chinese state-owned enterprises (by their listings on the Hong Kong Exchange over the period July 1993 to December 2002. We find that listing has led to a median increase of 70% in real net profits, 80%...

Using expectations to test asset pricing models.
September 22, 2005... Asset pricing models generate predictions relating assets 'expected rates of return and their risk attributes. Most tests of these models have employed realized rates of return as a proxy for expected return. We use analysts' expected rates of...

Limit order adjustment mechanisms and ex-dividend day stock price behavior.(Toronto Stock Exchange and New York Stock Exchange Inc.)
September 22, 2005... Unlike the NYSE, the Toronto Stock Exchange (TSX) does not adjust prices in the outstanding limit orders on ex-dividend days. We find that TSX ex-day stock price behavior differs from that on the NYSE in several key aspects. In each case, the...

eInformation: a clinical study of investor discussion and sentiment.
September 22, 2005... We examine the information flow for four stocks over seven months to trace the relationship between on-line discussion, news activity, and stock price movements. On-line discussions support numerous unsubstantiated rumors, substantial on-point...

Assets in place, growth opportunities, and IPO returns.(Initial public offerings)
September 22, 2005... We consider a simple model positing that initial public offering price is equal to the present value o fan entity's assets in place and growth opportunities. The model predicts that initial return is positively related to both the size and risk...