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Firm ownership structure and intellectual capital disclosures
Item type: Journal Article • Journal: South African Journal of Accounting Research • Authors: S Firer --- University of the Witwatersrand, S M Williams --- Singapore Management University,The primary purpose of this study is to investigate the association between three ownership structure characteristics and voluntary intellectual capital (IC) disclosure practices. Data for this study is hand collected from the 2000 annual reports of 390 Singapore publicly traded... -
Effect of the subprime mortgage crisis on a leading emerging market
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Jun Sik Kim --- Division of International Trade, Korea Doojin Ryu --- College of Economics, KoreaThis study examines how the US subprime mortgage crisis affects the behaviour of the Korean stock and futures market and how the futures traders react to the shocks related to the crisis. Analysing a unique and high-quality daily data set... -
Information content in the depth of futures markets
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: I-Chun Tsai --- Department of Finance, TaiwanThe paper uses open interest as the proxy variable of market depth to estimate its effects on volatility, return, volume and deviations of contract prices from the fundamental level. It adopts open interest from three types of investors, namely, dealers,... -
Perceptions regarding the sources of financial information for South African institutional investors
Item type: Journal Article • Journal: De Ratione • Authors: D.K. Flynn --- University of Cape Town,The sources of financial information of institutional investors used for the purpose of making decisions regarding the buying, holding and selling of ordinary shares is the focus of this article. The results of a survey of a sample of institutional... -
An investigation of investors’ estimates of returns earned and the effect of anchoring on these estimations
Item type: Journal Article • Journal: South African Journal of Accounting Research • Authors: G Dowie --- College of Accounting, South Africa G Willows --- College of Accounting, South AfricaThis study examines overconfidence and anchoring in an investing environment to determine if there is evidence of the phenomenon amongst a sample of academics at participating universities. -
Individuals’ feedback trading in market and limit trades: Trading behaviours on the Korean stock market
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Hyo-Jeong Lee --- Division of Business Administration, Republic of KoreaUsing all of individuals’ transactions on the Korean stock exchange from 1999 to 2009, I find that Korean individuals engage in negative feedback trading in market trades and positive feedback trading in limit trades. These patterns are stronger for smaller... -
Investor sentiment, asset returns and firm characteristics: Evidence from the Korean Stock Market
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Heejin Yang --- College of Economics, Republic of Korea Doojin Ryu --- College of Economics, Republic of Korea Doowon Ryu --- College of Economics, Republic of KoreaThis study investigates the effects of investor sentiment on asset returns with respect to firm characteristics. By analysing a unique stock trading dataset of the Korean Stock Market that contains rich information on investor types and sentiment, we confirm that... -
Institutional investment management: An investor's perspective on the relation between turnover and performance
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Diego Víctor de Mingo-López --- Department of Finance and Accounting, Spain Juan Carlos Matallín-Sáez --- Department of Finance and Accounting, SpainThe main aim of this study is to analyse the relationship between turnover and performance in institutional investment management. For a sample of US equity mutual funds during the period January 1999–December 2014, we show that high-turnover funds do not... -
Is investor sentiment a relevant factor in determining asset prices?
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Kamini Solanki --- School of Economic and Business Science, South Africa Yudhvir Seetharam --- School of Economic and Business Science, South AfricaThe APT framework allows for a multitude of risk factors to be priced into asset returns, implying that it can be used to model returns using either macroeconomic or microeconomic factors. As such, the APT allows for non-traditional factors, such... -
Investor sentiment, stock returns, and analyst recommendation changes: The KOSPI stock market
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Karam Kim --- College of Economics, Republic of Korea Doojin Ryu --- College of Economics, Republic of Korea Heejin Yang --- Department of Global Economics and Commerce, Republic of KoreaBy analysing daily data on the KOSPI stock market, we examine how investor sentiment and stock market returns respond to announcements of changes in analysts’ recommendations. In addition, we examine the effect of these announcements on the relationship between investor... -
The driving forces behind the home bias phenomenon: Evidence from Israel
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Sivan Riff --- University of Haifa, Israel Joseph Yagil --- University of Haifa and Western Galilee College, IsraelThe home bias phenomenon is a widely investigated puzzle that is still not completely resolved. Home bias is the tendency of investors to invest excessively in domestic assets, in contradiction to the traditional optimal portfolio theories. This research attempts to... -
The firm’s asset volatility, effective tax rate and leverage effect: Evidence from Taiwan
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: An-Sing Chen --- Department of Finance, Taiwan Pham Tuan Anh --- National Chung Cheng University, Taiwan and Nguyen Tat Thanh University, VietnamThis paper examines firms’ asset volatility across a broad cross-section of publicly traded Taiwanese listed nonfinancial firms and its relationship with effective tax rate and equity volatility under the capital structure framework. By analysing the leverage effect hypothesis of firms... -
The effects of uncertainty on investor expectations and volatility in the South African white maize futures market
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Christo Auret --- , South Africa Ayesha Sayed --- , South AfricaGiven the rapidly changing nature of financial markets, volatility indices often influence the trading behaviour of market participants, as they identify market patterns, predict market risk and gauge market sentiment. This paper examines the effects of uncertainty on the expectations... -
International investor sentiment and stock returns: Evidence from China
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Li Zi-long --- , China Wang Su-sheng --- , China Hu Ming-zhu --- , ChinaWith the accelerated opening up of China’s financial sector, international investors have increasingly become a key investment group. To describe the international investor sentiment towards Chinese stock assets, we select sentiment proxies from the transaction data in the China A-share... -
Investor sentiment and market dynamics: Evidence from index futures markets
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Heejin Yang --- , KoreaThis study presents an investor sentiment proxy with a greater explanatory power in determining price changes in the Korean futures market and examines the effect of investor sentiment on futures price changes. We also consider how investor-trading behaviour affects the... -
Is a sentiment-based trading strategy profitable?
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Karam Kim --- , Republic of Korea Doojin Ryu --- , Republic of Korea Jinyoung Yu --- , Republic of Korea We examine whether sentiment indices predict individual firms’ stock returns and evaluate the performances of sentiment-based trading strategies in the Korean equity market. We find that the sentiment indices (constructed using the principal component analysis (PCA) and overnight stock returns)... -
Heterogeneous investor attention to climate risk: Evidence from a unique dataset
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Hyejin Park --- , South Korea Minki Kim --- , South Korea Doojin Ryu --- , Republic of KoreaThe COVID-19 pandemic has led global investors to draw a parallel between pandemics and climate risk, focusing their attention on climate risk. We examine COVID-19’s effect on investors’ awareness of climate risk by analysing novel trading data for Korean-listed firms... -
An investigation into the normal tax implications of fractional share rights in South Africa
Item type: Journal Article • Journal: South African Journal of Accounting Research • Authors: Christoff Botha --- Stellenbosch University, South Africa Cecileen Greeff --- Stellenbosch University, South AfricaA recent development in the financial service industry is the introduction of the fractional share right that allows a retail investor to invest in a fraction of a listed equity share. Fractional share right is not defined in the Income... -
Under- or -overreaction: Investors’ response to black swan events
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Luu Thu Quang --- Ho Chi Minh University of Banking, Ho Chi Minh City,The objective of this study is to explore whether four categories of investors overreact or underreact to specific black swan events in the Vietnam Stock Exchange (HSX) and whether their trading patterns can predict stock returns. We find evidence of... -
Investor sentiments and performance of selected ESG indices in BRICS markets during bull and bear conditions
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Damilola Aboluwodi --- Finance, University of KwaZulu-Natal, South Africa Paul-Francois Muzindutsi --- Finance, University of KwaZulu-Natal, South Africa Bomi Nomlala --- Accounting, University of KwaZulu-Natal, South AfricaSustainability concerns are increasingly shaping global investment decisions, prioritising sustainable impacts over mere profit-making. This study examines the performance of Environmental, Social, and Governance (ESG) funds in emerging markets, focusing on bull and bear market scenarios. A Markov Regime Switching... -
Institutional determinants of dividend policy of African listed firms
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Margret Tembo --- University of the Witwatersrand, School of Economics and Finance, South Africa Chimwemwe Chipeta --- University of the Witwatersrand, School of Economics and Finance, South AfricaThis paper examines the institutional determinants shaping the dividend policy of 357 non-financial firms listed across 13 African markets. Utilising panel data estimation techniques, our findings indicate that weaker investor protection, increased financial development, high GDP growth, and greater press... -
The highest-lowest price range and the cross-sectional returns predictability
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Xiaojun Chu --- , China Shuang Song --- , ChinaMotivated by literature on heterogeneous investors, we use the difference between the highest and lowest prices to proxy the intensity of competition among bullish-bearish investors and investigate its significance in the cross-sectional pricing of stocks. Portfolio-level analyses and cross-sectional regressions... -
Momentum trading: How it differs among investor segments
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Baki Cem Şahin --- Central Bank of Türkiye, TürkiyeThis study explores the momentum trading behaviours across different investor segments in the Turkish stock market. The empirical analysis confirms the positive return of the momentum strategy both in absolute terms and relative to the market benchmark, and the results... -
Opinion divergence, investor sentiment, and stock liquidity: Evidence from social media
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Gaoshan Wang --- Shandong University of Finance and Economics, China Mingyue Chen --- Shandong University of Finance and Economics, China Xiaomin Wang --- Shandong University of Finance and Economics, China Yilin Dong --- Shandong University of Finance and Economics, China Zhiyi Wang --- Shandong University of Finance and Economics, ChinaThis paper developed a mediating effect model of retail opinion divergence, investor sentiment, and stock liquidity to investigate how investor comments and bullish-bearish-polling activities on social media affect investors’ attitudes and behaviours, thus, the stock market. The paper first used... -
Public attention, investor sentiment and stock markets: Evidence from Chinese listed firms
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Renbo Shi --- School of Economics and Management, Beihang University, China Wei Shan --- School of Economics and Management, Beihang University, China Junguang Gao --- , China Changfeng Cheng --- School of Economics and Management, Beihang University, ChinaThe COVID-19 pandemic’s onset introduced unforeseen disruptions to the Chinese stock market. This study uses all A-share companies from 20 January to 26 April 2020, as research samples to explore the impact of public attention on investor sentiment and the... -
How does investor sentiment affect the Korean premium in the Bitcoin market?
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Joon Chae --- Seoul National University, Republic of Korea Kyounghun Bae --- Hanyang University, Republic of Korea Hyoung-Goo Kang --- Hanyang University, Republic of Korea Bonha Koo --- Chungnam National University, Republic of KoreaWe examine how investor emotions and Bitcoin price influence each other using intraday data and textual analysis. We extract emotions from a popular online chatting window at one of the largest cryptocurrency exchanges in Korea. To control for global factors,...