We revisit an investment experiment that compares the performance of an investor using Bayesian methods for determining portfolio weights with an investor that uses the Monte Carlo based resampling approach advocated in Michaud (1998). Markowitz and Usmen (2003) showed that the Michaud investor always won. However, in the original experiment, the Bayes investor was handicapped because the algor...

This study examines the relationship between investor demand for IPOs prior to offerings and aftermarket performance of IPO firms during the period from 1993 to 1997 in the Hong Kong stock market. The paper finds that the IPOs with high investor demand have large positive initial returns but negative longer-run excess returns, while the IPOs with low investor demand have negative initial return...

This study investigates the effects of information asymmetries and asset valuation model differences (investor heterogeneity) between foreign domestic investors on their distinct portfolio holdings in an emerging market setting. I argue that asymmetry investor heterogeneity views significantly interact explaining different allocation decisions investors. Employing a large dataset from Turkey, f...

We investigate the extent to which United States (US) bond yield affects foreign institutional investor (FII) inflows and performance of Indian stock market using monthly time-series data from 2002 2021. use vector autoregressive model apply Granger causality test this relationship. find no short- long-run relationships among US yield, FII inflows, India’s performance.

Background: In any society, values, collective and national interests have a special place. National legal systems, in the sense of public order in the nationalization of foreign investor property, support these high national values and interests against individual interests. Therefore, this research has been conducted with the aim of presenting the moral model of public order in the nationaliz...

This paper explores whether investor sentiment has an adverse impact on corporate investment decisions and whether such impact, if present, can be effectively mitigated by sound corporate governance mechanisms. The sample comprises listed firms in Taiwan between 2003 and 2010. Empirical results indicate that investor sentiment is significantly and positively related to amount of new investment ...

If the government has the ability and willingness to redistribute the surplus created by an external investor, why do we still observe resistance to such investment, sometimes in the form of destruction of productive assets? And how does such destructive action a¤ect a government’s “investor-friendliness”? In a simple model where di¤erent social groups have di¤erent and uncertain valuation of p...

Recent research documents that institutional or large investors act as antagonists to other investors by showing opposite trading behavior following disclosure of new information. Using an extremely comprehensive official transactions data set from Finland, we set out to explore the interrelation between investor size and behavior. More specifically, we test whether investor size is positively ...