We report on the near-infrared polarimetric observations of G11.11-0.12 (hereafter G11) obtained with SIRPOL 1.4 m IRSF telescope. The starlight polarisation background stars reveals on-sky component magnetic fields in G11, and these are consistent field orientation observed from polarised dust emission at $850\,\mu$m. G11 perpendicular to filament, independent filament's relative Galactic plan...

sharp increase in oil price and the volatility in recent decades have attracted most researchers towards the field of energy. it seems not only the direct oil price, but also the uncertainty caused by the oil price volatility affect the raw oil supply. in this research the effect of oil price volatility on oil supply has been estimated using monthly time series data from january 1980 to septemb...

We find that trends and reversals in past earnings surprises predict future stock returns. These earnings surprise sequences produce a 9.88% risk-adjusted annual return which cannot be attributed to momentum nor post-earnings announcement drift. Our empirical methodology captures the market’s beliefs regarding future returns by estimating the probability associated with different possible retur...

This study demonstrates that standard analyst coverage proxies contain information about firm-level expected returns. I decompose analyst coverage proxies into abnormal and expected components using a simple characteristic-based model and show that firms with abnormally high coverage outperform firms with abnormally low coverage by approximately 80 basis points per month. Abnormal analyst cover...

Shleifer and Vishny (1997) argue that arbitrage can be both costly and risky. As a result, arbitrageurs will not exploit arbitrage opportunities if the costs and risk of arbitrage exceed its benefits, thereby allowing mispricing to survive for long periods of time. Frankel and Lee (1998) document that the fundamental value-to-price (Vf/P) ratio predicts future abnormal returns for up to three y...

We show the cost of trading on negative news relative to positive news increases prior to earnings announcements. Our evidence suggests this asymmetry is due to financial intermediaries’ preference to reduce their exposure to risks associated with the announcements. The asymmetry creates a predictable upward bias in prices that increases pre-announcement and subsequently reverses, which confoun...

We study the impact of social networks on agents’ ability to gather superior information about firms. Exploiting novel data on the educational backgrounds of sell side equity analysts and senior officers of firms, we test the hypothesis that analysts’ school ties to senior officers impart comparative information advantages in the production of analyst research. We find evidence that analysts ou...

We show that proxies for firms’ incentives to manage earnings expectations toward beatable levels contain strong predictive power for earnings announcement returns. Firms with stronger incentives to manage expectations predictably underperform before, and subsequently outperform during, their expected earnings announcement months. This predictable V-shaped pattern in prices yields strategy retu...

We study how competition in the mutual fund industry affects the stock market and its liquidity. We argue that mutual fund families operate as multi-product firms, jointly choosing fees, performance and number of funds. We show that competition between fund families distorts the incentives to collect information and induces the families to trade off performance and number of funds. An increase ...

We employ the Barberis, Shleifer and Wurgler (2004) methodology to investigate the impact of changes to the FTSE 100 index on return comovement over the 1992-2002 period. For FTSE stock inclusions the average increase in the beta coe¢ cient is 0.38 in univariate regressions for weekly returns and 0.60 in bivariate regressions that control for the return on non-FTSE stocks. Stocks deleted from t...