A similar negative correlation between inflation and stock prices prompted Modigliani and Cohn to conjecture that investors are prone to money illusion: they confuse nominal and real interest rates. When that is the case investors mistakenly discount real future cash flows with the nominal interest rate (or alternatively ignore the fact that cash flows tend to grow in nominal terms as inflation...

August 2013 Elizabeth Demers Darden Graduate School of Business University of Virginia Charlottesville, VA 22903 [email protected] Clara Vega Board of Governors of the Federal Reserve System Washington, DC 20551 [email protected] Abstract Using automated textual analysis algorithms to quantify the content of more than 20,000 managerial press releases from 1998 to 2006, this study pre...

the difficulty of determining intrinsic value of stock prices have led many people to use technical analysis in order to forecast stock prices in the future. to predict the stock price we need to determine the generating process of stock prices. in recent years many time - series methods have been used for forecasting purposes. one of these methods is the rescaled range analysis (ris). in the a...

This research focuses on the role of occupational characteristics in the occupation-specific gender earnings gap for individuals whose highest level of education is less than a four-year college degree. Using data from the American Community Survey (ACS) and the U.S. Department of Labor’s Occupational Information Network (O*NET), I identify occupational characteristics that are associated with ...

BACKGROUND Targeted food pricing policies may improve population diets. To assess their effects on inequalities, it is important to determine responsiveness to price changes across income levels and ethnic groups. OBJECTIVE Our goal was to estimate price elasticity (PE) values for major commonly consumed food groups in New Zealand, by income and ethnicity. PE values represent percentage chang...

This paper provides empirical evidence on whether the earnings fixation hypothesis can explain the accrual anomaly originally documented in Sloan (1996). Our analytical model yields the prediction that if investors fixate on reported earnings, the effectiveness of the accrual strategy will increase in the responsiveness of the stock price to earnings and the differential persistence of cash flo...

This paper examines the relation between the Seasoned Equity Offering (SEO) announcement effect and earnings timeliness. I predict that firms with greater earnings timeliness tend to have less information asymmetry between managers and investors, thus decreasing the magnitude of the price drop at the SEO announcement. As anticipated, I find that SEO negative announcement effect varies inversely...

Crop decision planning is an important part of effective farm management. Because of the many uncertain factors such as weather variations, technology advances, and crop yields and prices, all of which prove to change considerably, decision planning can be very complex. The focus of this paper is to develop accurate yield and price forecasting models to aid in decision planning. For yield forec...